Home›Commodities›Energy›SLB eyes restart of up to 15 drilling rigs in Venezuela

SLB eyes restart of up to 15 drilling rigs in Venezuela

SLB expects some rigs could be back online before the end of 2026, depending on contracts, as Venezuela tries to add output beyond its current capacity.

Reported · Written up by our desk · Energy

Oilfield services firm SLB is preparing to reactivate as many as 15 drilling rigs in Venezuela, according to OilPrice, aiming to help remove an obstacle to increasing the country’s crude production.

OilPrice reports that SLB and energy-focused private equity firm Formentera Partners are pursuing separate efforts to boost Venezuela’s drilling capacity. Formentera is discussing importing rigs with international service companies, while SLB is focused on equipment already in Venezuela.

SLB told Reuters that its rigs could all be working within a year, and that as many as four could return to service before the end of 2026, depending on contracts with producers. The company’s president for Mexico, Central America and Venezuela operations, William Antonio, said the timeline during an industry conference in Houston.

The push comes as Venezuela looks to rebuild an oil industry that previously produced more than 3 million barrels per day. Despite having the world’s largest proven crude reserves, Venezuela had only two active onshore drilling rigs at the end of July, according to Baker Hughes data cited by Reuters, and current production capacity is around 1.25 million bpd.

Latest closeWTI crude $82.40 ▲1.4%

More like this

Sources