SLB Lands Major Deal to Help Rebuild Venezuela’s Oil Industry

SLB has signed a long-term contract with Venezuela’s PDVSA to reverse a major decline in oil production and modernize the country’s oil industry.

“Venezuela's oil and gas sector has substantial resource potential, and realising that potential will require technology, digital integration and long-term talent development,” SLB chief executive Olivier Le Peuch said in a company statement this week.

The focus of the modernization push would be artificial intelligence, the statement also said, aiming to digitally transform Venezuela’s…