SLB has signed a long-term framework agreement with Venezuela's state oil company PDVSA to support the modernization and development of the country's oil and gas sector.
The memorandum of understanding establishes a framework for cooperation across exploration, field development, production, digital enablement, and workforce training and development.
The companies said the collaboration is intended to strengthen operational execution and support the sustainable development of Venezuela's hydrocarbon resources. The agreement builds on SLB's 97-year presence in the country.
A key element of the agreement focuses on the digital transformation of Venezuela's oil and gas sector.
SLB and PDVSA plan to assess how connected data, predictive models and artificial intelligence-enabled workflows can improve efficiency, accelerate decision-making and strengthen operational performance.
The agreement also provides a framework to evaluate broader cooperation across exploration, field development and production activities, including opportunities to improve performance in mature fields, unlock greater value from heavy and extra-heavy crude reserves, optimize existing infrastructure and support future resource development.
“Venezuela’s oil and gas sector has substantial resource potential, and realizing that potential will require technology, digital integration and long-term talent development.
“For nearly a century, SLB people in Venezuela have stayed the course — working alongside the country’s energy sector through every cycle, bringing expertise, technology and a deep commitment to local capability. This MoU builds on that continuity and sets out a path with PDVSA to strengthen operational excellence and develop the skills that will sustain performance for years to come,” said Olivier Le Peuch, chief executive officer of SLB. “
Human capital development is also included in the agreement, with SLB planning to work with PDVSA and Venezuelan academic and institutional stakeholders to help expand local expertise and technical capabilities.
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