SLB is positioning itself to rapidly expand its Venezuela operations as the only major international oilfield services company currently active in the country, giving it a potential first-mover advantage as sanctions ease and investment returns.
The company has maintained operations in Venezuela through years of sanctions and is already receiving inquiries from customers about expanding services, CEO Olivier Le Peuch said. With Venezuela holding more than 300 billion barrels of proven crude reserves, renewed investment could create significant opportunities for oilfield service providers.
SLB’s existing footprint includes facilities, equipment and local personnel, while its broader workforce includes more than 1,000 Venezuelan employees globally and nearly 2,000 former employees who could potentially return.
At its peak, SLB employed more than 3,000 people in Venezuela and generated over $1 billion in annual revenue from the country. The company also historically served as PDVSA’s largest oilfield technology supplier.
With drilling equipment, production units and rigs ready for deployment, SLB says it could become a leading service partner in Venezuela if investment conditions continue to improve.
Note by Alessandro Bazzoni