According to Financial Times reporting last week, SLB has held discussions with Washington and Chevron as broader efforts gain momentum to reactivate Venezuela’s dormant energy sector and export pipelines. These talks are occurring alongside moves by U.S. authorities to expand Chevron’s operating license in Venezuela and open the door for additional U.S. involvement, but no firm commitments or contracts have yet been announced.

For SLB, the focus is on readying to support reactivation and field work in one of the most technologically demanding basins in the world. Venezuela holds the largest proven oil reserves globally, with around 303 billion barrels, predominantly heavy and extra‑heavy crudes in the Orinoco Belt that require specialized extraction and reservoir management expertise.

Over recent months, macro developments have converged to create a potential window for re‑engagement. Chevron remains the only U.S. oil major currently operating in Venezuela under a U.S. authorization, producing an estimated 200,000–240,000 barrels per day across its joint ventures with PDVSA in assets such as Petropiar, Petroboscan and Petroindependencia. The company’s licensing status has been volatile: restricted authorizations have limited exports and operating scope, but ongoing negotiations with U.S. regulators aim to expand that license to restore higher export levels and broader operational activity.

This complex regulatory backdrop matters to SLB. For years, U.S. service firms were restricted to asset‑preservation activities in Venezuela under OFAC licenses, unable to perform drilling, completions or well services for PDVSA or joint ventures. If Chevron secures an expanded operating license, SLB’s substantial stored fleets – including drilling rigs and workover crews – could be rapidly deployed to execute well rehabilitation and new drilling campaigns.

Energy Intelligence projects Chevron’s Petropiar operation alone is targeting an increase from roughly 103,000 bpd to 150,000 bpd with plans for 386 new wells and billions in investment and operational spend over coming years. Petroboscan and Petroindependiente similarly require significant drilling and stimulation services to reverse decades of underinvestment. Venezuela’s rehabilitative phase will demand major workovers, subsea and surface facility commissioning, and digital reservoir monitoring.

As Caribbean Energy Week (CEW) 2026 takes shape – bringing together government leaders, investors and project developers to spotlight the region’s most bankable hydrocarbon, LNG and upstream opportunities and accelerate investment across the full energy value chain – SLB’s emerging Venezuela strategy offers a practical example of how service firms pursue competitive advantage in complex markets. At the core of that advantage is technical execution, operational readiness and the ability to mobilize specialist drilling, reservoir optimization and well services rapidly when geopolitical conditions shift.

SLB’s proactive engagement, even ahead of final regulatory clarity, positions it as a potential execution partner for Venezuela’s reopening and illustrates the kind of service‑led leadership that investors and operators will be analyzing at CEW as they assess frontier projects and risk‑reward frameworks across the Caribbean’s evolving energy frontier.

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