SLB has entered into a long-term framework agreement with PDVSA, formally known as Petróleos de Venezuela, S.A., aimed at supporting the renewal and digital transformation of Venezuela’s oil and gas industry. The memorandum of understanding (MoU) creates a foundation for collaboration spanning exploration, field development, production, digital enablement, and workforce training and development. Through this partnership, the two organizations intend to enhance operational performance while encouraging the sustainable development of the country’s hydrocarbon resources. The agreement also reflects SLB’s 97 years of uninterrupted presence in Venezuela and underscores a mutual commitment to combining technology, local expertise, and continued industry growth.
Commenting on the digital transformation agreement, Olivier Le Peuch, chief executive officer of SLB, said, “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.”
The agreement places particular emphasis on digital transformation, with both companies planning to evaluate the use of connected data, predictive models, and AI-enabled workflows to improve efficiency, accelerate decision-making, and reinforce the industry’s operating foundation.
Beyond digital initiatives, the MoU establishes a framework for examining wider opportunities across exploration, field development, and production activities. Areas under consideration include improving performance in mature fields, increasing value from heavy and extra-heavy crude reserves, optimizing existing infrastructure, and supporting future resource development. These efforts are intended to contribute to stronger operational execution while creating conditions for sustainable sector advancement.
Human capital development is also a key component of the agreement. SLB plans to collaborate with PDVSA, along with Venezuelan academic and institutional stakeholders, to help expand local expertise and technical capability. By strengthening workforce skills and supporting long-term talent development, the initiative aims to build the capabilities needed for future growth.
