NABEP Expands Venezuela Rig Fleet to 41
NABEP said its in-country rig fleet in Venezuela will reach 41 in November as production continues to climb.
Updated on Nov. 1, 2026 in Oil and Gas
NABEP said its in-country rig fleet in Venezuela will reach 41 in November. The company reported production of 223,509 barrels of oil equivalent per day on October 19, up from about 200,000 in August.
Why it matters
The expansion follows an August agreement with the U.S. Departments of State and War aimed at increasing Venezuelan oil output. NABEP says it has grown production from about 18,000 barrels per day to more than 200,000 in two years.
NABEP reports 223,509 boed on October 19, up from about 200,000 in August, with nine drilling rigs and 20 workover rigs currently in Venezuela. The company has spent roughly $1 billion in company-funded investment, and independent verification of these company-reported figures is not addressed in the source.
The players
NABEP
NABEP is the company operating the Venezuelan rig fleet and oil production described in the report, employing about 5,000 people in the country.
U.S. Department of State
The U.S. Department of State is one of two federal agencies that signed the August agreement with NABEP to expand Venezuelan oil production.
U.S. Department of War
The U.S. Department of War is the second federal agency that joined the August agreement with NABEP aimed at increasing Venezuelan oil output.
The details
In October NABEP added 11 workover rigs and two drilling rigs, and all 35 workover rigs are being recertified to Category 4 before entering service. The first 1 million barrels under the August agreement arrived in Corpus Christi, Texas, on October 27.
Timeline
August 2026: NABEP production was about 200,000 bpd and the U.S. agreement was signed.
October 19, 2026: NABEP production reached 223,509 boed.
October 27, 2026: The first 1 million barrels of oil arrived in Corpus Christi, Texas.
November 2026: NABEP's in-country rig fleet is slated to reach 41.
Roadmap
The expansion extends the August 2026 U.S. Departments of State and War agreement, which aims to lift Venezuelan oil output. NABEP's stated near-term goal is more than 1 million barrels per day, roughly five times its current production.
Expanded Venezuelan output could affect global crude supply and the prices consumers pay for fuel over time. The source does not indicate any immediate change to retail gasoline prices.
The takeaway
Rising production from a single operator can shift regional crude supply, making rig counts and output figures a useful indicator to track. Readers following energy markets can watch whether NABEP meets its November fleet target.
What happens next
NABEP's in-country rig fleet is slated to reach 41 in November 2026, a milestone the company has publicly scheduled.
Further reading
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