North American Blue Energy Targets 150% Oil Output Increase in Venezuela by 2028

North American Blue Energy Partners (NABEP), a driller operating in Venezuela with U.S. government backing, plans to increase its crude oil production by 150% by the end of 2028. The company's ambitious target was disclosed in an email to Bloomberg News.

Production and Funding Goals

NABEP aims to boost its daily output to 500,000 barrels from its current level of approximately 200,000 barrels a day. This significant expansion represents a key step in the development of its Venezuelan assets.

According to the company, its growth has been funded entirely by internal cash flow to date. However, NABEP told Bloomberg that it is now seeking outside investment to help "accelerate growth" and meet its aggressive production timeline.

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A Strategic US-Backed Venture

The expansion is part of a landmark deal that granted NABEP a 100-year concession to drill 17 fields in Venezuela. These fields are estimated to hold 65 billion barrels of proved reserves. The Trump administration, which described the agreement as "the biggest oil deal in world history," holds a 35% equity stake in the project.

This unprecedented arrangement was reportedly established after the administration became frustrated with the slower pace of development by international oil majors like ExxonMobil and ConocoPhillips. Increasing Venezuelan oil production has become a strategic priority for President Donald Trump's administration, especially as gasoline and diesel costs have risen in the wake of the Iran conflict.