Oilfield Services Giant Moving to Resume Work in Venezuela

Credit: SLB
Credit: SLB

The largest oilfield service firm, SLB, is planning a quick return to Venezuela's oilfields following the broad relaxation of U.S. sanctions on the country's oil industry, its chief executive said on Friday.

The U.S. on Wednesday lifted most restrictions on Venezuela's oil industry for six months to produce, sell and export oil. The move temporarily suspended sanctions imposed since 2019 on the OPEC country's oil and gas industry. 

"We will be responding and as fast as we can mobilizing resources and equipment that are there to respond and participate to this reopening," SLB Chief Exective Olivier Le Peuch said during a call with investors.

Le Peuch cautioned it was too soon to say how much SLB could achieve in short order. "But its potential is upside if you've got (facilities in place). Indeed that's great," he said.


 (Reuters - Reporting by Arathy Somasekhar)

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