SLB Signs Long-Term Contract With Venezuela’s PDVSA to Modernize Oil Industry After U.S. Effective Takeover

SLB signed a long-term contract with Venezuela’s state oil company PDVSA to reverse a major decline in oil production and modernize the country’s oil industry. The agreement centers on artificial intelligence, predictive models, connected data, and AI-driven workflows.

SLB chief executive Olivier Le Peuch said Venezuela’s oil and gas sector has substantial resource potential that will require technology, digital integration and long-term talent development.

The company statement this week described the modernization push as a digital transformation of Venezuela’s oil industry. Earlier in 2026, after the United States’ effective takeover of Venezuela’s oil sector, Le Peuch said he was confident that with appropriate licensing, safety parameters, and compliance measures in place, SLB could rapidly ramp up activities in support of the oil and gas industry in Venezuela.

U.S. Energy majors have shown mixed reactions. Exxon called Venezuela uninvestable earlier in 2026. Last month the New York Times reported Exxon was in talks to acquire production rights to as many as six fields.

Venezuela boosted its oil exports to a seven-year high in the past two months. 25 million barrels daily, up 66 percent from a year earlier. The United States took in about 558,000 barrels per day of Venezuelan crude in May.

India received 427,000 barrels per day and Europe 169,000 barrels per day. Shipments to all three regions rose from April levels.