NABEP Aims to Double Venezuelan Oil Output to 500,000 BPD by 2028

North American Blue Energy Partners (NABEP), a U.S.-backed company that produces Venezuelan oil, aims to double its crude output by the end of 2028. The company currently produces around 200,000 barrels per day but plans to reach 500,000 barrels per day in less than three years.

NABEP's growth is expected to be financed mainly through internal cash flow, although the company has indicated that its agreement with the U.S. government will speed up its growth plans and may attract additional outside investment.

Schreiner Parker, head of emerging markets for Rystad Energy, expressed skepticism about NABEP's ability to achieve such rapid expansion due to limitations in Venezuela's oilfield services sector.