{
  "id": 2017476,
  "title": "SLB Prepares to Restart 15 Oil Rigs in Venezuela",
  "url": "https://urgent.news/2026/08/19/slb-prepares-to-restart-15-oil-rigs-in-venezuela",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-19T21:00:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Energy/Energy-General/SLB-Prepares-to-Restart-15-Oil-Rigs-in-Venezuela.html"
  },
  "original_language": "en",
  "account": "Energy services company SLB is set to restart up to 15 oil drilling rigs in Venezuela, which could help boost the country's crude production capacity. SLB and private equity firm Formentera Partners are separately working on initiatives to enhance Venezuela's drilling capability. Formentera is considering importing rigs, while SLB will utilize existing equipment in the country. According to SLB's president for Mexico, Central America, and Venezuela, the rigs could be fully operational within a year, with up to four returning to service by the end of 2026, contingent on producer contracts. This move comes as Venezuela aims to revive its oil industry, which has historically produced over 3 million barrels per day. Presently, the country has only two active onshore rigs, resulting in a production capacity of approximately 1.25 million barrels per day. To achieve significant production growth, additional drilling is crucial. Chevron, a major foreign producer in Venezuela, reported that its three joint ventures have reached 280,000 barrels per day, with the potential to increase by 50% by the end of 2028. However, significant challenges persist, including difficulties in importing and transporting specialized equipment, alongside issues with power supply, infrastructure, permits, and contractual protections. ExxonMobil and ConocoPhillips have also shown reluctance due to the necessity for stronger investment and enhanced protections. Despite these hurdles, the resumption of drilling activities marks a critical advancement. The lack of more active rigs hinders Venezuela's ability to compensate for declining wells and convert its vast reserves into consistent production growth.",
  "summary": "Oilfield services giant SLB is preparing to reactivate as many as 15 drilling rigs in Venezuela, potentially removing one of the biggest obstacles to increasing the country’s crude production. SLB and energy-focused private equity firm Formentera Partners are working on separate efforts to increase Venezuela’s drilling capacity, executives said at an industry conference in Houston on Wednesday.…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}