SLB Plans to Restart Up to 15 Rigs in Venezuela

en.Wedoany.com Reported - On August 19, SLB began the process of restoring up to 15 oil rigs in Venezuela, while Formentera Partners is in discussions with international oilfield service providers to bring additional rigs into the country in the coming months. The two efforts are progressing separately and remain in the stages of equipment preparation, supplier engagement, and contract preparation.

William Antonio, SLB's head of operations for Mexico, Central America, and Venezuela, stated that the company will prioritize deploying small workover rigs, with up to 4 units expected to be restored within 2026, depending on the progress of contract signing with oil producers. SLB expects that all 15 existing rigs could be fully operational in less than a year, but has not yet disclosed the oilfields where the equipment will be deployed, the clients to be served, or the corresponding contracts.

Blake London, managing partner of Formentera Partners, said the company is in talks with international oilfield service companies about bringing rigs into Venezuela. Equipment imports still involve permitting, cross-border transportation, and overland transfer within the country, and some oilfield service companies are also coordinating relevant procedures with the Venezuelan government.

As of the end of July 2026, Baker Hughes counted only 2 active land rigs in Venezuela. According to official Venezuelan data, the country's current crude oil production is approximately 1.25 million barrels per day, and the shortage of rigs has become one of the main constraints on new drilling and capacity expansion. Venezuela's energy sector has previously stated that approximately 93 rigs will be needed by 2028, most of which are intended for the Orinoco heavy oil belt.

SLB and Venezuela's state oil company PDVSA signed a long-term memorandum of cooperation in June, covering oil and gas exploration, field development, production optimization, digitalization, and personnel training. This framework provides a basis for both parties to evaluate mature field rehabilitation and utilization of existing infrastructure, but the current rig restoration still requires separate implementation of oil producer contracts and field operation arrangements.