SLB gains access to Venezuela's oilfield data via new contract

A new contract between U.S. oil services firm SLB and Venezuela's state-run oil company PDVSA grants SLB access to the nation's oilfield data, according to sources. This deal aims to address the significant data management issues plaguing PDVSA, which holds the world's largest crude reserves but suffers from outdated systems and a lack of published statistics for over a decade.

The agreement will allow SLB to organize, upgrade, and modernize PDVSA's vast databases, which have been neglected and further compromised by a ransomware attack late last year. The company plans to use new technologies, including artificial intelligence, to make the data reliable and accessible for potential investors. The contract also includes provisions for technology transfer and training.

Venezuela's oil ministry has not released routine oil statistics for more than ten years, with the last annual bulletin appearing in 2015. This information vacuum has been a major impediment to attracting investment and tracking core activities like production, refining, and exports. PDVSA's systems have been in a recovery phase after the cyberattack, with some data lost and requiring reconstruction from paper records.

Details regarding the contract's duration and payment mechanisms remain undisclosed. Discussions reportedly included payments in kind, such as crude oil, given the complexities of financial transfers due to U.S. sanctions controlling Venezuelan oil export revenues. Despite these challenges, SLB is set to provide an external view of PDVSA's statistics, which have been closely guarded.