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.
Transit to Texas takes just over a week, versus more than a month from the Middle East
NABEP CEO Alejandro Betancourt said the cargo reached Texas in just over a week, while Middle Eastern crude can take more than a month. He said thousands of similar arrivals will follow, with the U.S. as Venezuela's anchor buyer.
NABEP lifts production from 18,000 to above 200,000 barrels per day in two years
Total hydrocarbon production across NABEP's fields reached 223,509 barrels of oil equivalent per day as of Oct. 19. Over the past two years, output grew from about 18,000 barrels per day to more than 200,000. The company funded the growth with roughly $1 billion of its own investment.
NABEP says it is reinvesting hundreds of millions of dollars more every month. It targets production of more than 1 million barrels of oil per day in the near term.
Company holds commercialization rights to more than 65 billion barrels of proven reserves
NABEP directly employs more than 5,000 people and supports over 10,000 contractor jobs across Venezuela.