North American Blue Energy Partners (NABEP)

Corpus Christi, Texas – October 29, 2026 -- Two tankers carrying 1 million barrels of Venezuelan crude produced by North American Blue Energy Partners (NABEP) have arrived in Corpus Christi, the first shipment since the company's deal with the U.S. government.

U.S. government buys 20% of NABEP output at cost under August agreement

The cargo falls under the U.S. right to purchase 20% of NABEP's production at cost, with no markup. The right is part of NABEP's August agreement with the U.S. Departments of State and War. The government also received a 35% equity stake in NABEP's parent company. According to the company, the U.S. secured both at no cost to American taxpayers.

President Donald J. Trump and Secretary of State Marco Rubio visited the Port of Corpus Christi on Tuesday to see one of the tankers.

CARACAS – October 28, 2026 -- North American Blue Energy Partners (NABEP) lifted output in Venezuela's Petrozamora oil fields to a record 115,000 barrels per day on Oct. 23, as U.S. State Department officials toured its western and eastern operations to check progress under the company's August agreement with Washington.

State Department officials inspect Lake Maracaibo and Orinoco Belt assets

Chargé d'Affaires John M. Barrett and Daniel Kennedy, Deputy Assistant Secretary of State for Energy and Critical Minerals, visited NABEP sites on Oct. 23 and 24. Kennedy joined NABEP CEO Alejandro Betancourt and PDVSA leadership at the Bachaquero field on Lake Maracaibo, where the group inspected the Bachaquero Lago 2 compression module. Barrett followed that visit from Miraflores Palace in Caracas.

Caracas – October 14, 2026 -- North American Blue Energy Partners (NABEP) is deploying eleven new 550-horsepower workover rigs in Venezuelan oil fields, the first new mobile repair-and-maintenance systems to operate there in more than 15 years.

Two new 1,500-horsepower drilling rigs arrived on October 7, and the company expects more equipment soon. Separately, NABEP has bought 60 rigs, 30 steam boilers and 70 pieces of heavy machinery. The company says this gives it the largest heavy-equipment fleet in the country.

NABEP targets production above 1 million barrels per day

The company's near-term goal is to lift output to more than 1 million barrels of oil per day. NABEP says it has already scaled production from roughly 18,000 barrels per day to more than 200,000 in two years. It attributes the increase to about $1 billion in company-funded investment.

NABEP is expanding operations in Lake Maracaibo and the Orinoco Belt.

Caracas, Venezuela – September 06, 2026 -- The United States Departments of State and War have struck a deal with North American Blue Energy Partners (NABEP) that hands the company commercial rights to more than 65 billion barrels of P1 oil reserves in Venezuela, backed by nearly $100 billion in planned investment.

Washington secures a 35% equity stake and discounted crude access

Under the agreement, NABEP retains operating control of the venture while the U.S. government holds rights to a 35% stake in the company and preferential access to purchase 20% of its production at cost. President Donald J. Trump called it "the biggest oil deal in world history" in an announcement on Truth Social, framing it as a mechanism to bring lower fuel prices to American consumers and fiscal stability to Venezuela.