North American Blue Energy Partners (NABEP), a company backed by the Trump administration and operating in Venezuela, plans to more than double crude oil production in just over two years. According to Sina Finance, the company aims to raise output from about 200,000 barrels per day now to 500,000 barrels per day by the end of 2028.
The company said in an email that, so far, all funding for the production increase has come from internal cash flow, and outside investment would help speed up growth. According to Sina Finance, NABEP has drawn wider attention in recent weeks after the Trump administration signed what it called the largest oil agreement in world history.
Under the terms of the agreement, NABEP received a 100-year concession for 17 oil fields with proven reserves estimated at 65 billion barrels.