{
  "id": 2342188,
  "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-2342188",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-19T21:00:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/slb-prepares-restart-15-oil-210000686.html"
  },
  "original_language": "en",
  "account": "Oilfield services company SLB is set to restart up to 15 drilling rigs in Venezuela, potentially lifting a major hurdle for the country's crude production. The move is being coordinated with private equity firm Formentera Partners, with executives revealing details at an industry conference in Houston. Formentera is exploring the possibility of importing rigs, while SLB concentrates on utilizing rigs already present in Venezuela. According to SLB's president for Mexico, Central America and Venezuela, William Antonio, all 15 rigs could be operational within a year. However, as many as four rigs might return to service before the end of 2026, contingent on agreements with oil producers. This potential revival comes at a crucial time, as Venezuela aims to revive an oil sector that historically produced over 3 million barrels per day. Presently, Venezuela operates only two active onshore drilling rigs, resulting in a production capacity of approximately 1.25 million barrels per day. To achieve significant additional production growth, further drilling is indispensable. Chevron, one of the leading foreign producers in Venezuela, recently reported that output from its three joint ventures stood at around 280,000 barrels per day, with the potential to rise by up to 50% by the end of 2028. However, numerous challenges persist. Importing and transporting specialized equipment, power supply, infrastructure, permits, and contractual safeguards continue to pose significant hurdles for oilfield companies. ExxonMobil and ConocoPhillips have expressed reluctance to return, emphasizing the necessity for enhanced investment and robust contractual protections. Despite these obstacles, the reintroduction of drilling equipment marks a significant stride. Without a substantial increase in active rigs, Venezuela will encounter difficulties in compensating for declining wells and converting its vast reserves into steady production growth.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "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",
        "published": "2026-08-19T21:00:00.000Z"
      }
    ]
  },
  "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."
}