Pentagon-backed North American Blue Energy Partners (NABEP) is rapidly expanding oil production in Venezuela and is poised to become the country’s largest private oil producer. The U.S. Department of Defense is reportedly taking a 35% passive equity stake in the venture.
NABEP has secured rights to develop 17 oil fields. The fields contain a potential 65 billion barrels of oil.
The company’s output has reached 220,000 barrels per day. NABEP projects it will exceed Chevron’s 280,000 barrels per day by late 2026 or early 2027.
The move introduces a federally backed competitor for established U.S. oil companies in the region, which had been hesitant to commit significant new capital because of various risks. It also marks an unusual strategic shift by placing the U.S. government directly in an ownership role in a foreign oil venture.