SLB Prepares to Restart 15 Oil Rigs in Venezuela
World's Largest Electric Plane Flies for 27 Minutes on $5 of Power Oilfield services giant SLB is preparing to reactivate as many as 15 drilling rigs in Venezuela, potentially removing one ofthe biggest obstaclesto increasing the country’s crude production.
SLB and energy-focused private equity firm Formentera Partners are working on separate efforts to increase Venezuela’s drilling capacity, executives said at an industry conference in Houston on Wednesday.
Formentera is discussing importing rigs with international service companies, while SLB is focused on equipment already inside Venezuela.
SLB expects its 15 rigs in the country could all be working within a year, William Antonio, the company’s president for Mexico, Central America and Venezuela operations,told Reuters.As many as four could return to service before the end of 2026, depending on contracts with producers.
The potential revival comes as Venezuela seeks to rebuild an oil industry that once produced more than 3 million barrels per day.
Despite holding 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.
Current production capacity stands ataround 1.25 million bpd.
More drilling will be essential if Venezuela is to achieve substantial further production growth.
Chevron, already one of the most important foreign producers in the country, said last month that output from its three Venezuelan joint ventures had reached around 280,000 bpd.
supermajorexpectsthat figure could increase by as much as 50% by the end of 2028.
Oilfield companies continue to face difficulties importing and transporting specialized equipment, while power supply, infrastructure, permits and contractual protections could constrain investment.
ExxonMobil and ConocoPhillips have also remained cautious about returning, citing the need for stronger investment and contractual protections.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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