Nabep Aims for Double Production by 2028 with US Government Partnership
North American Blue Energy Partners (Nabep), led by Venezuelan businessman Alejandro Betancourt, is planning to significantly increase its oil production in Venezuela. The company aims to reach around 500,000 barrels per day by the end of 2028, more than double its current output of nearly 200,000 barrels.
Nabep has been expanding its operations with its own funds so far, but additional capital injections are expected to accelerate the development of its projects. The company gained international attention when it signed a deal with the US government, which granted Nabep concession to operate 17 fields with proven reserves of 65 billion barrels over a period of 100 years.
The agreement between Nabep and the US government is seen as key to achieving the company's production goals. Since 2024, Nabep has increased its extraction level by more than tenfold, positioning itself as the second-largest private operator in Venezuela.