Nabep Deploys Sixth Rig in Venezuela, Output Hits Record 115,000 bpd

Nabep's rig-by-rig buildout is a reminder that Venezuela's output recovery is being driven by a single operator backed by U.S. government cooperation, which concentrates both the upside and the execution risk in one place. The gap between six rigs today and a planned 60, alongside steam boilers and heavy equipment, frames this as an early-stage commitment rather than a proven production trend. Whether the remaining rigs and steam capacity actually arrive on schedule is the open question, and it matters most for counterparties tracking Venezuelan crude flows and the policy relationship underpinning them.