SLB and Formentera Revive Venezuelan Oil Drilling Efforts

SLB and Formentera Partners are collaborating to reactivate oil drilling rigs in Venezuela. According to executives, up to four of SLB's rigs could return to operation this year, depending on contracts with oil producers.

The country currently has only two onshore drilling rigs active, limiting its ability to increase production, which stands at around 1.25 million barrels per day (mmbbl/d).

Formentera is in talks with international oilfield service providers to import drilling rigs into the country.