Sites in the Lake Maracaibo region in northwestern Venezuela offer the highest chance for rapid output gains. The remaining fields are located in the Orinoco Belt in central-eastern Venezuela, which produces heavy, tar-like crude and is difficult to drill because of its remote location and a requirement for specialized equipment.
Tuesday, October 20, 2026
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Trump Oil Deal Targets 300,000 Barrel Daily Gain From 17 Aging Venezuela Fields
Commodities30 days ago
An agreement with energy mogul Alejandro Betancourt grants the US majority control of Venezuelan oil wealth via a set of production sites. North American Blue Energy Partners targets more than doubling crude production by adding 300,000 barrels a day from 17 fields within just over two years, although industry executives and analysts say the company will struggle to reach that goal due to aging and degraded fields.
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