NABEP lifts Venezuela rig count to 41 as output climbs toward 224,000 boe/d

what happened

North America Blue Energy Partners (NABEP) said on Saturday that it will expand its Venezuelan rig fleet to 41 in November, according to Reuters. The company had earlier said it intended to bring 60 rigs into the country. Its output reached 223,509 barrels of oil equivalent per day in October, compared with roughly 200,000 in August.

Nine drilling rigs are working in Venezuela at present. Three are drilling in the Junin 10 block in the Orinoco Belt, three more are set to join them shortly, and three are undergoing repairs or relocation. Four further units are on their way from Houston, Brazil and Colombia. The firm also operates 20 workover rigs in the country, while 15 more are being refurbished in Houston for work in western Venezuela.

The first million barrels delivered under the August 2026 agreement with the US State and Defense Departments arrived in Corpus Christi, Texas, on October 27. NABEP chief executive Alejandro Betancourt said, “We are paying for every one of these rigs with the oil we produce.”

why it matters

Growing Venezuelan production adds barrels to global supply, and if the pace holds, it would weigh on crude prices. The shipments to Texas show that Venezuelan oil is already reaching the US Gulf Coast, which matters for refiners there and for the spread on heavy grades.

market impact

Oil: more Venezuelan output adds supply and pressures Brent and WTI

• ▼Brent pressure down — higher Venezuelan output adds barrels to the global market
• ▼WTI pressure down — more Venezuelan crude is reaching the US Gulf Coast

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