Venezuela Partners with SLB and Hunt to Boost Oil Production

Venezuela has secured new agreements with oilfield services giant SLB and Hunt Oil Co. in a bid to revitalize investment in its energy sector, according to a television announcement by Venezuelan Oil Minister Paula Henao reported by Bloomberg.

The agreements include a project to develop two specific oil fields, alongside a broader framework agreement with SLB focused on countrywide integrated reservoir studies.

This development follows previous reports of SLB negotiating a long-term partnership with Caracas to combat declining output and modernize the nation’s energy infrastructure. In June, SLB Chief Executive Olivier Le Peuch noted that unlocking Venezuela’s vast oil and gas potential would require advanced technology, digital integration, and long-term workforce training. The modernization strategy will heavily leverage artificial intelligence, utilizing predictive modeling, connected data networks, and AI-driven workflows to upgrade operations.

Concurrently, U.S. Energy Under Secretary Kyle Haustveit recently stated that roughly half of Venezuela’s oil exports are currently bound for American refineries. Speaking at an industry event, Haustveit noted that over 500,000 barrels per day—representing about half of Venezuela’s total output—are being shipped to U.S. Gulf Coast refineries optimized for processing heavy Venezuelan crude.

Haustveit placed Venezuela’s current daily production at approximately 1.25 million barrels. He also disclosed that the U.S. is exporting more than 100,000 barrels of naphtha daily to Venezuela to dilute its heavy crude and support production efforts. Meanwhile, a senior official from Venezuela’s state oil company, PDVSA, projected that domestic output would reach 1.245 million barrels per day by the end of the month.