The Daily Journal.- North American Blue Energy Partners (NABEP) has begun deploying 11 new oil well maintenance rigs (workover rigs) in Venezuela, along with two 1,500-horsepower drilling rigs that arrived in the country on October 7, the company announced in a statement.
According to NABEP, this marks the first time in more than 15 years that new mobile well repair and maintenance systems will operate in Venezuelan oil fields. The company expects additional equipment to arrive in the coming weeks as part of its operational expansion.
The new equipment joins a fleet that, according to the company, includes 60 rigs, 30 steam boilers, and 70 independently acquired heavy machinery units. NABEP claims these purchases have enabled it to assemble the country’s largest heavy equipment fleet.
“NABEP is making serious and steady progress in increasing oil production. Every rig that arrives in Venezuela brings us closer to achieving our production goals and revitalizing our country’s economy,” said company CEO Alejandro Betancourt.
The executive added that the company considers cooperation with Washington essential to its expansion plans. “The challenge ahead is significant, but there is no better partner than the United States government. We look forward to continuing to share our progress in the coming months,” he said.
The equipment acquisitions follow an agreement that NABEP announced in August 2026 with the U.S. Departments of State and War to expand Venezuelan oil production, according to the statement.
The company claims it holds the rights to market more than 65 billion barrels of proven oil reserves (P1) in Venezuela. It plans to invest approximately $100 billion to increase production capacity and modernize oil and gas infrastructure.
Its operational goals include boosting production to more than one million barrels per day while expanding activities in Lake Maracaibo and the Orinoco Oil Belt.
NABEP says it has increased production from about 18,000 barrels per day to more than 200,000 barrels per day over two years through roughly $1 billion in self-financed investments.
The company says it employs 5,000 people and supports another 10,000 contract workers in Venezuela.
With information from a press release.
