Venezuelan Oil Company's Daily Output Rises to 223,500 Barrels of Oil Equivalent

en.Wedoany.com Reported - On October 23, North American Blue Energy Partners (NABEP) is expanding drilling operations in Venezuelan oilfields. As of October 19, the company's daily oil and gas output reached 223,509 barrels of oil equivalent, an increase of approximately 20,000 barrels of oil equivalent compared with August. Three rigs are currently operating in the Junín area of the Orinoco Heavy Oil Belt, with another three planned for deployment, of which the sixth rig has already arrived in Venezuela.

NABEP also has 13 well workover units, with another 15 awaiting delivery. Under the company's 25-year oilfield development plan, its equipment deployment scale includes 60 rigs, 30 steam boilers and 70 heavy construction machines. On October 13, the company announced progress on its first batch of equipment, including 11 550-horsepower workover rigs and 2 1,500-horsepower drilling rigs that arrived on October 7.

Currently, NABEP's output mainly comes from the Petrozamora block in western Venezuela, which was previously operated by a Russian company, with the remainder coming from the Petrocedeño and Junín 10 blocks in the Orinoco Heavy Oil Belt. The company operates a total of 17 oilfields, 14 of which are recently added assets. For existing mature oilfields, NABEP plans to adopt secondary recovery measures to increase output; for other new blocks, technical planning and engineering design are being carried out.

Over the past two years, NABEP has reinvested approximately US$1 billion of operating income into its oil and gas production business. According to information provided by people familiar with the company's operations, as operating cash flow grows, the company plans to increase its annual reinvestment growth rate to as high as 50%, while continuing to advance equipment procurement and oilfield development through internal funding.