North American Blue Energy Targets 150% Output Boost with US Government Deal
North American Blue Energy Partners (NABEP) plans to boost its crude oil production by 150% by the end of 2028, from approximately 200,000 barrels per day currently. The company aims to reach a daily output of 500,000 barrels by then, according to an email to Bloomberg News. NABEP's growth has been funded by internal cash flow so far, but outside investment will help accelerate growth, the company said.
The US government holds a 35% equity stake in the project, which was struck with the Venezuelan regime after growing frustrated that international giants such as ExxonMobil Holdings Corp. and ConocoPhillips weren't moving quickly enough to increase oil output. This deal gives the US government a significant interest in NABEP's operations.
NABEP won a 100-year concession to drill 17 fields holding an estimated 65 billion barrels of proved reserves, described as 'the biggest oil deal in world history' by the Trump administration. The agreement with the US government is seen as accelerating NABEP's growth plan.