SLB Chief Executive Olivier Le Peuch says Venezuela’s oil sector recovery hinges on digital technology, artificial intelligence and workforce development.
He made the remarks as the company deepened its long-running partnership with state oil firm Petróleos de Venezuela, S.A. (PDVSA) through a new cooperation agreement.
The memorandum of understanding (MoU), signed on June 6, sets out the scope of collaboration across exploration, field development, production, and digital transformation. It also includes training and development initiatives aimed at strengthening local technical capacity in the country’s energy sector.
“Venezuela’s oil and gas sector has substantial resource potential, and realizing that potential will require technology, digital integration and long-term talent development,” Le Peuch said in remarks tied to the agreement.
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The agreement builds on SLB’s nearly 100-year presence in Venezuela and reflects efforts to modernize operations through connected data systems, predictive models, and AI-enabled workflows. These tools are expected to improve efficiency, speed up decision-making, and support operational performance across oil and gas assets.
SLB said the initiative is intended to support the sustainable development of Venezuela’s hydrocarbon resources, including mature fields and heavy oil reserves that remain central to the country’s production outlook.
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“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,” Le Peuch said.
