Venezuela Signs Deals with SLB and Hunt Oil Co. to Boost Energy Industry

Venezuela has signed deals with oilfield service majors SLB and Hunt Oil Co. to boost investment in its key energy industry.

The deal involves development of two fields and a framework agreement with SLB for services related to integrated reservoir studies throughout the country, according to oil minister Paula Henao.

This move follows earlier reports about SLB sealing a long-term deal with the Venezuelan government to reverse a major decline in oil production and modernize the country's oil industry.

The focus of this modernization push is on artificial intelligence, aiming to digitally transform Venezuela's oil industry using predictive models, connected data, and AI-driven workflows.