For a century, Venezuela and the United States have relied upon each other, in particular in the energy sphere. Venezuelan oil helped power American industry, and American engineering helped build Venezuela's oil industry. That bond rests on geography and on need: the largest proven oil reserves in the world, less than a week's sail from the largest economy in the world.
I have long believed that this relationship could be rebuilt on that shared interest. In August, NABEP reached an agreement with the U.S. Departments of State and War to significantly expand oil production in Venezuela. It serves Venezuela's development, the energy security of the Americas, and represents a partnership between two nations that are better off working together.
We have already seen what is possible. When NABEP began operating the Lake Maracaibo fields in 2024, they produced about 18,000 barrels of oil a day. Today, along with the Oronoco Belt fields, they produce more than 200,000. That recovery is the work of Venezuelan engineers, operators and contractors, many of them veterans of these same fields. The agreement now extends our responsibility to 17 fields, from the lake to the Orinoco Belt.
Our purpose is to turn the wealth beneath Venezuela's soil into lasting prosperity for its people. That responsibility goes beyond the barrel: to work safely, to respect the communities around our operations, and to make sure this effort improves the lives of Venezuelan families.
Rebuilding Venezuela's oil industry will take many more hands. Many of the engineers, technicians and operators it needs are Venezuelans who built their careers abroad. I want them to know that there is a place for them here, at home.
We will use this site to report our progress openly.
To every worker on our fields, and to the families who stand behind them: thank you. Every day you show what Venezuelans can build.
With gratitude, and with faith in Venezuela,
Alejandro Betancourt López
Chief Executive Officer