SLB Revives Venezuela Drilling Efforts with 15 Rig Restart

Oilfield services giant SLB is working to reactivate up to 15 drilling rigs in Venezuela, aiming to increase the country's crude production. The company expects its rigs in the country could all be back online within a year.

The potential revival comes as Venezuela seeks to rebuild an oil industry that once produced over 3 million barrels per day. Despite holding the world's largest proven crude reserves, the country currently has only two active onshore drilling rigs, according to Baker Hughes data.

SLB is focused on equipment already inside Venezuela, while energy-focused private equity firm Formentera Partners is discussing importing rigs with international service companies.