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SLB, PDVSA Sign Agreement to Support Venezuelan Energy Sector Modernization

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Texas-based SLB (SLB) on Wednesday said it has entered into a long-term framework agreement with state-owned energy company Petroleos de Venezuela SA, also known as PDVSA, to help modernize and upgrade Venezuela's oil and gas sector.

Terms of the memorandum of understanding lay the groundwork for cooperation across exploration, field development, production, digital enablement, and workforce training and development, the company said in a statement.

"A key focus of the agreement is the digital transformation of Venezuela's oil and gas sector. SLB and PDVSA plan to assess how connected data, predictive models and AI-enabled workflows can help improve efficiency, accelerate decision-making and strengthen the industry's operating foundation," the statement said.

It also provides a roadmap for cooperation in exploration, field development, and production, including opportunities to improve output from mature fields, increase the value of heavy crude reserves, optimize infrastructure, and develop future resources.

SLB, an oilfield services and energy technology company, also intends to collaborate with PDVSA and Venezuelan academic and institutional stakeholders to help build local technical expertise.

Price: $55.45, Change: $-0.06, Percent Change: -0.11%

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