Oilfield services giant SLB signed a long-term framework agreement with Venezuela’s state-owned Petróleos de Venezuela, S.A. (PDVSA). The partnership focuses on modernizing the nation’s oil and gas sector to reverse years of declining production.
The collaboration covers exploration, field development, and workforce training with a primary emphasis on digital transformation. SLB will deploy artificial intelligence and predictive data models to improve efficiency in mature fields and heavy crude reserves.
Venezuela’s oil exports recently reached a seven-year high. SLB CEO Olivier Le Peuch stated that unlocking the country's resource potential requires significant technology, digital integration, and talent development.