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Market Chatter: SLB to Structure, Upgrade PDVSA Oilfield Databases Under New Deal

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SLB (SLB) has secured access to Venezuela's PDVSA oilfield data under a new deal to structure and upgrade its outdated databases, Reuters reported Tuesday, citing three sources close to the negotiations.

The contract covers data management and essential services, from reservoir analysis to real-time crude production, while helping PDVSA digitize, consolidate, and access oilfield data using artificial intelligence, with technology transfer and training included, according to the report.

Venezuela's oil ministry has not released routine oil statistics for over a decade, with the last annual bulletin published in 2015. The country released limited monthly output data to OPEC.

Additionally, PDVSA has faced data chaos since a ransomware attack disrupted key systems last year, prompting the company to modernize and migrate geological and production databases. PDVSA and SLB did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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