The Daily Journal – The U.S. Embassy in Venezuela expressed its support for a framework services agreement between state-owned Petróleos de Venezuela (PDVSA) and multinational company SLB (formerly known as Schlumberger), as part of efforts to modernize oil exploration and production in the South American country.
PDVSA and SLB signed the agreement during the IMAGE 2026 international conference in Houston, Texas. The agreement covers technical services and integrated studies to provide comprehensive characterization of Venezuela’s producing areas. According to information the Embassy shared on its X account, the contract seeks to introduce “cutting-edge technology and smarter data tools” into Venezuela’s oil sector under the three-phase plan promoted by the U.S. president and Secretary of State Marco Rubio.
SLB, which has its North American headquarters in Houston, ranks among the world’s largest oilfield services companies. Its partnership with PDVSA is not new: in June 2026, both companies signed a memorandum of understanding in Caracas to explore opportunities for cooperation in oil and gas services. That preliminary agreement laid the groundwork for collaboration in exploration, field development, production, digital transformation and workforce training.
The new framework agreement comes amid profound changes in Venezuela’s energy policy. After U.S. military forces captured then-President Nicolás Maduro in January 2026, the government led by Acting President Delcy Rodríguez promoted a reform of the Hydrocarbons Law that opened the sector to foreign investment. Venezuelan crude oil production reached 1.2 million barrels per day in July, representing a 29.8% increase since January.
Hydrocarbons Minister Paula Henao, who led the Venezuelan delegation in Houston, explained that the agreements form part of the implementation of the legal reform and seek to “turn oil and gas reserves into actual production.” During the “Empowering Venezuela: Energy, Investment & Opportunity” forum, the Venezuelan delegation joined U.S. Assistant Secretary of Energy Kyle Haustveit on a panel.
The U.S. Embassy highlighted that these initiatives include “investing in local talent, training workers and generating sustainable benefits for the communities involved.” The SLB agreement follows another production-sharing contract that Venezuela signed with U.S.-based Hunt Oil to develop the Caro and Carisito fields in the Orinoco Oil Belt.
The announcement drew mixed reactions on social media. Some users welcomed the potential benefits for employment and engineering training, while others questioned transparency in managing oil revenues and called for a definitive end to the government.
The SLB agreement marks PDVSA’s first international agreement signed outside Venezuela during Delcy Rodríguez’s tenure as acting president. SLB, which has maintained an uninterrupted presence in the country for 97 years, plans to work with PDVSA and Venezuelan academic institutions to expand local technical capabilities.
