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Venezuela signs oil deals with SLB and Hunt to boost production

The SLB framework covers integrated reservoir study services nationwide, as the country seeks new investment in its oil and gas sector.

Reported · Written up by our desk · Energy

Venezuela has signed oil-related deals with oilfield services firm SLB and Hunt Oil Co. as part of efforts to increase investment in its oil and gas industry, OilPrice reported, citing a TV statement from the country’s oil minister, Paula Henao. One agreement involves development of two fields. A separate framework deal with SLB covers services related to integrated reservoir studies throughout Venezuela, according to the statement. OilPrice also noted that the SLB deal follows earlier reporting that the company reached a long-term arrangement with the Venezuelan government aimed at reversing a decline in oil production and modernizing the industry. In June, SLB said the modernization push would include AI and digital integration, using predictive models, connected data, and AI-driven workflows. Separately, OilPrice said a senior U.S. official recently indicated that about half of Venezuela’s oil exports are going to U.S. refiners, with shipments described as coming from roughly 500,000 barrels in recent months to refineries built specifically for the country’s crude.

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