Venezuela's 64-Billion-Barrel Oil Deal Faces Financing, Staffing and Infrastructure Hurdles

North American Blue Energy Partners (NABEP) is struggling to deliver on a Venezuela oil deal President Donald Trump called the largest in history, covering 17 oilfields with roughly 64 billion barrels of reserves, according to interviews with 15 oil workers, contractors, financiers and industry experts. The company targets a fourfold output increase to more than 1 million barrels per day (bpd) from about 224,000 bpd in mid-October. Eight of those interviewed said NABEP is carrying debt to contractors and struggling to hire staff and repair infrastructure. Rice University's Francisco Monaldi estimates only about 10 billion barrels can realistically be developed within the 25-year term Venezuelan law allows. NABEP, led by businessman Alejandro Betancourt, says it has invested $1 billion of its own capital since 2024 and has lined up 60 rigs. The company faces challenges securing bank accounts after US and European investigations into Betancourt, who has never been charged. Venezuela's crude output has held near 1.2 million bpd.