- Framework agreement focuses on technology, AI enablement and workforce development

SLB has signed a long-term framework agreement with Petróleos de Venezuela, S.A. (PDVSA) to support the revitalization and modernization of Venezuela’s oil and gas sector. The memorandum of understanding (MoU) establishes a basis for cooperation across exploration, field development, production, digital enablement and workforce training and development.

The collaboration is intended to strengthen operational execution and promote sustainable development of Venezuela’s hydrocarbon resources. It builds on SLB’s 97 years of uninterrupted presence in the country and reflects a shared focus on combining technology, local capability and continued sector development.

“Venezuela’s oil and gas sector has substantial resource potential, and realizing that potential will require technology, digital integration and long-term talent development,” said Olivier Le Peuch, chief executive officer of SLB. “For nearly a century, SLB people in Venezuela have stayed the course — working alongside the country’s energy sector through every cycle, bringing expertise, technology and a deep commitment to local capability. This MoU builds on that continuity and sets out a path with PDVSA to strengthen operational excellence and develop the skills that will sustain performance for years to come.”

A key focus of the agreement is the digital transformation of Venezuela’s oil and gas sector. SLB and PDVSA plan to assess how connected data, predictive models and AI-enabled workflows can help improve efficiency, accelerate decision-making and strengthen the industry’s operating foundation.

The MoU also provides a framework to evaluate broader cooperation across exploration, field development and production. This includes opportunities to improve performance in mature fields, unlock greater value from heavy and extra-heavy crude reserves, optimize existing infrastructure and support future resource development.

Human capital development will be another important part of the effort. SLB plans to work with PDVSA and Venezuelan academic and institutional stakeholders to help expand local expertise and technical capability, strengthening the skills base the sector will need for long-term growth.

About SLB

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scal, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition.

About PDVSA

Petróleos de Venezuela S.A., the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport and commerce of hydrocarbons. This company is deeply committed to environmental protection and its main objectives are to foster the harmonic development of the country, to guarantee sovereignty of national resources, to increase endogenous development and to serve and benefit the Venezuelan people, who correspond to their share of the country’s national wealth.