Venezuela Inks Oil Deals with SLB and Hunt Oil Amid Industry Revitalization Efforts

Venezuela has signed oil deals with SLB and Hunt Oil, marking significant developments in the country's upstream sector. The agreements were announced on August 19, 2026.

The contracts involve crude oil production and are a crucial step towards revitalizing Venezuela's oil industry, which has been struggling to recover from years of underinvestment and sanctions. SLB will provide technical expertise and services, while Hunt Oil will focus on exploration and production.

No financial details were disclosed in the announcement, but the deals are expected to bring much-needed investment and jobs to the country. The Venezuelan government has been actively seeking partnerships with international companies to boost oil output and stimulate economic growth.