A Rapid Expansion of Drilling
North American Blue Energy Partners, led by Alejandro Betancourt, plans to send more than 50 drilling rigs to Venezuela. An internal document shows that six rigs should enter its fields by the end of 2026. The company expects to deploy another 12 during 2027. Beginning in 2028, it plans to add two rigs each month until the total reaches 52.
The company has already acquired 23 new rigs from American contractors Helmerich & Payne, Precision Drilling, and Patterson-UTI Energy. It also plans approximately 30 workover rigs, which maintain wells and improve output. Many of those units remain under construction. NABEP intends to finance the campaign through cash generated by its existing oil production rather than relying entirely on outside funding.
A Larger Role in Venezuelan Oil
President Donald Trump’s plan would give the United States a direct stake in NABEP. The company expects to develop 17 fields containing about 65 billion barrels of oil. Those resources equal roughly one-fifth of Venezuela’s reserves. U.S. officials have said the state-backed business could become the world’s second-largest corporate holder of proven reserves after Saudi Aramco.
Currently, NABEP produces around 200,000 barrels daily and ranks second among Venezuela’s private producers. Chevron remains first at almost 300,000 barrels per day. People familiar with the project believe government backing could help NABEP surpass Chevron within several years. The company also expects to operate many fields independently, expanding its influence over the country’s future production.
Production Decline Meets Political Risk
Venezuela’s national output has fallen to approximately 1.2 million barrels daily despite its enormous reserves. In 2014, the country produced about 2.5 million barrels with 220 active drilling rigs. Current estimates range from only two to two dozen rigs. NABEP’s planned deployment would therefore represent a major increase in the equipment available to revive production.
However, legal experts and oil executives question whether the arrangement complies with Venezuela’s constitution. They also doubt whether it could survive political changes in Venezuela or the United States. Former Chevron executive Ed Chow said such uncertainty can slow or freeze investment in a capital-intensive, long-term industry. Consequently, the drilling plan demonstrates both the project’s scale and the unresolved risks surrounding its implementation.
References
Eaton, C. (2026, August 31). Trump’s Venezuelan oil company plans massive drilling push. The Wall Street Journal. https://www.wsj.com/business/energy-oil/trumps-venezuelan-oil-company-plans-massive-drilling-push-db439e19