The milestone highlights the scale of commercial opportunities emerging as Venezuela moves to rehabilitate existing oilfields, expand drilling activity and upgrade production infrastructure. These opportunities will be in focus at Venezuela Energy Week (VEW) 2027, taking place February 22–25 in Caracas, where international operators, investors and service companies will connect with Venezuelan businesses to pursue partnerships, procurement opportunities and investment across the energy value chain.

PetroZamora’s production record follows output of approximately 100,000 bpd in July, reflecting gains from well rehabilitation and infrastructure improvements in the Lake Maracaibo basin. The Bachaquero field accounts for most of PetroZamora’s production, positioning the joint venture as a central contributor to NABEP’s wider Venezuelan operations.

During an October 23 inspection, U.S. and Venezuelan officials reviewed operations at the Macolla B84 facility, including the Bachaquero Lago 2 compression module. At Macolla Víctor 84, 11 active wells were producing 1,500 bpd following steam injection, demonstrating the contribution of targeted interventions to mature-field output.

PetroZamora’s next phase involves incorporating the adjacent Bachaquero 3 and Cueta 4 fields into its production system. The partners are targeting operational readiness within four months, potentially adding capacity by February 2027 as they extend development across the western basin.

Infrastructure investment will support this expansion. NABEP plans to deploy three additional compressor plants in 2027, improving production from wells currently classified as Category 2. The company also operates 13 workover rigs, with 15 more expected, while a sixth heavy drilling rig has arrived in Venezuela.

The expansion forms part of NABEP’s wider 17-field program, which holds estimated reserves of 65 billion barrels. Portfolio production reached 223,509 bpd on October 19, up from an initial baseline of 18,000 bpd approximately two years earlier.

NABEP has outlined a long-term investment plan of up to $100 billion, supported by its own capital and reinvestment in field development. Its previously stated target is to reach 500,000 bpd by 2028, with a longer-term ambition to exceed one million bpd across its Venezuelan portfolio.

On October 27, the first one-million-barrel cargo under the broader U.S.-NABEP agreement arrived in Texas for distribution to ExxonMobil and Citgo refineries. The shipment establishes an initial route to market for Venezuelan heavy crude as production increases.

As NABEP advances its field rehabilitation and drilling programs, VEW 2027 will provide a platform for international and Venezuelan companies to engage directly on the technical and commercial requirements of expanding production. With PDVSA targeting 105 oil contracts, the event will connect operators with drilling contractors, equipment suppliers, engineering firms and infrastructure developers seeking to participate in the next phase of Venezuela’s energy expansion.

To explore delegate, sponsorship and partnership opportunities at Venezuela Energy Week 2027, contact info@venezuelaenergyweek.com or visit www.venezuelaenergyweek.com.