Venezuela signs tech partnership with SLB to boost oil and gas production

Venezuela and SLB (formerly Schlumberger) signed a memorandum of understanding at the Miraflores Palace in Caracas, witnessed by President Delcy Rodríguez, SLB CEO Olivier Le Peuch and PDVSA officials. The agreement aims to cooperate on oil and gas services, transferring advanced technologies—including artificial‑intelligence‑driven exploration and drilling tools—to increase the productivity of Venezuelan fields.

The deal is described as preparatory, with both sides expecting a definitive agreement soon. It aligns with recent Venezuelan reforms such as the new Mining Law and the updated Hydrocarbons Law, which seek to attract foreign investment and private‑sector participation in the energy sector.