Nabep Plans to Double Oil Production in Venezuela by 2028 with US Government Support
North American Blue Energy Partners (Nabep) a leading oil company led by Venezuelan entrepreneur Alejandro Betancourt is planning to more than double its oil production in Venezuela within the next two and a half years
According to information provided to Bloomberg Nabep intends to increase its daily crude output from 200000 barrels to 500000 barrels by the end of 2028 The company has so far financed its growth using internal resources and any external investment will further accelerate its expansion plans
Nabep recently gained significant international attention after US President Donald Trump signed what he described as the largest oil agreement in global history with the company This agreement granted Nabep a concession to exploit 17 oilfields with proven reserves of 65 billion barrels over a period of 100 years
The hydrocarbons firm emphasised that its partnership with the United States will propel its strategic development Since 2024 Nabep has increased its production tenfold becoming the second largest private operator active in Venezuela
President Betancourt highlighted that even before the US agreement the company was already on a strong growth trajectory He underscored that the collaboration and the foreign investment it brings will only accelerate their planned expansion affirming their commitment to secure Venezuelas energy future
This strategic manoeuvre comes amid broader efforts within the industry to diversify energy sources and deepen private sector involvement in oil production with implications for global energy markets and decarbonisation strategies that revolve around cleaner more efficient energy utilisation investments
As Nabep moves forward with this ambitious expansion plan it underscores the vital role of international partnerships and private investment in global energy resource development even within high emission sectors like oil and gas amidst the shifting landscape of energy transition policies worldwide