NABEP Aims for 150% Output Hike with US-Backed Venezuelan Oil Venture

North American Blue Energy Partners (NABEP), a company backed by the Trump administration, is planning to more than double its Venezuelan crude oil output within two years. The company aims to increase production to 500,000 barrels per day by the end of 2028 from around 200,000 currently. This ambitious goal comes after NABEP secured a 100-year concession on 17 fields with an estimated 65 billion barrels of proved reserves.

The agreement, which grants the US government a 35% equity stake in the project, has been hailed as 'the biggest oil deal in world history.' The Trump administration is keen to show that it's working to keep fuel prices under control over the longer term. Although it's unlikely that Venezuelan oil production will surge quickly enough to reduce retail fuel prices before the November elections, the administration remains committed to this high-stakes gamble.

NABEP's growth has been fueled by 'significant free cash flow' from its Venezuelan wells until now. With outside investment tied to its US partnership expected to accelerate growth, the company believes that the unprecedented deal with the US government will only hasten their trajectory.