The Daily Journal — U.S. oilfield services giant SLB (formerly Schlumberger) announced on Wednesday the signing of a long-term framework agreement with state-owned Petróleos de Venezuela, S.A. (PDVSA). The agreement aims to establish the strategic foundations for the revitalization, technological modernization, and operational optimization of Venezuela’s hydrocarbon industry.
Through a memorandum of understanding, the two companies outlined a comprehensive action plan designed to help restore the country’s production levels. The partners structured the alliance to cooperate directly in critical areas ranging from exploration and field development to technical workforce training.
Artificial Intelligence and Digital Transformation
The most transformative element of the agreement centers on the technological modernization of extraction and refining processes. SLB and PDVSA will assess the implementation of advanced tools to monitor, analyze, and manage operations in real time, seeking to counter the effects of years of underinvestment.
Specifically, the joint plan includes developing connected data systems, predictive models of geological behavior, and fully AI-enabled workflows. The partners intend to use these technologies to improve efficiency, lower fixed costs, reduce operational risks, and accelerate strategic decision-making across oil fields.
Optimizing mature fields and extra-heavy crude
The memorandum of understanding also provides an institutional framework for addressing the geological complexities of Venezuela’s energy sector. Technical cooperation will focus on designing solutions that significantly improve performance and slow the decline of the country’s mature oil fields.
In addition, the agreement establishes plans to develop mechanisms to unlock greater commercial value from Venezuela’s vast heavy and extra-heavy crude reserves—particularly those in the Orinoco Oil Belt—while optimizing existing transportation and refining infrastructure to support future resource development projects.
Nearly a century of presence and a focus on human capital
SLB Chief Executive Officer Olivier Le Peuch highlighted the historical significance of the agreement, noting that the company has maintained a continuous presence in Venezuela for 97 years. He emphasized that the success of the initiative will depend on a careful combination of advanced technology and strengthened local capabilities.
“Venezuela’s oil and gas sector holds substantial resource potential, and realizing that potential will require technology, digital integration, and long-term talent development (…). This memorandum of understanding builds on that continuity and establishes a path with PDVSA to strengthen operational excellence and develop the skills that will sustain performance in the years ahead,” Le Peuch said.
To ensure the project’s long-term viability, human-capital development will remain a key priority. SLB stated that it will work closely with PDVSA, as well as academic institutions and universities throughout Venezuela, to expand local technical expertise and renew the professional skill base that the hydrocarbon sector will need to support future growth.
Based on a press release.
