Following the capture of Nicolas Maduro by U.S. forces in January, Venezuela’s interim government has begun attracting major international oil companies through reformed legal and regulatory frameworks. The U.S.-backed administration has granted North American Blue Energy Partners (NABEP) 100-year concessions covering 17 oilfields with approximately 65 billion barrels in proven reserves, positioning the deal as a landmark agreement in the global energy sector.
NABEP, led by Venezuela-born businessman Alejandro Betancourt, has announced plans to invest nearly $100 billion in developing Venezuelan oil infrastructure and aims to increase production capacity to over 1 million barrels per day. According to the company, it has already increased production from 18,000 to 223,000 barrels per day within two years through approximately $1 billion in company-funded investment, relying on a reinvestment strategy rather than external funding sources.
However, Reuters reported that more than a dozen oil workers, contractors, and industry experts have raised concerns about NABEP’s capacity to manage the project’s scale, citing potential challenges in workforce recruitment, drilling rig availability, and capital acquisition. Intelligence firm Rystad Energy noted that the company’s $100 billion investment figure represents a long-term funding requirement rather than committed near-term capital, and NABEP has not disclosed detailed financing structures. NABEP disputed Reuters’ reporting, characterizing the coverage as biased and reaffirming its business plan does not currently contemplate raising outside funding.
Beyond NABEP, multiple international energy companies are establishing operations in Venezuela. Chevron has pledged over $7 billion for investment over the next five years to double its production to approximately 600,000 barrels per day by 2031. Eni, Repsol, Halliburton, Continental Resources, BP, ADNOC’s international investment company, and other firms have also announced new or expanded operations in Venezuelan oilfields, suggesting broader industry confidence in the country’s oil development prospects.
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