Key facts
- Venezuela has signed deals with SLB and Hunt Oil Co. to boost investment and production.
- The agreements aim to modernize the oil industry using AI and digital transformation.
- About half of Venezuela's oil exports, over 500,000 barrels daily, are now going to U.S. refiners.
- Venezuela's current oil production averages 1.25 million barrels per day.
- The U.S. is exporting over 100,000 barrels of naphtha daily to Venezuela to aid crude production.
Venezuela has signed deals with oilfield service major SLB and Hunt Oil Co. as part of efforts to boost investment and production in its energy industry. The agreements aim to modernize the country's oil sector through technology, digital integration, and AI-driven workflows, according to statements from the oil minister and SLB's CEO.
These deals come as a significant portion of Venezuela's oil exports, over 500,000 barrels daily, are now directed to U.S. refiners. Energy Under Secretary Kyle Haustveit noted that the United States is also exporting over 100,000 barrels of naphtha daily to Venezuela to support crude production. Venezuela's oil output currently averages 1.25 million barrels per day, with expectations to reach 1.245 million barrels by the end of the month.
Previously, U.S. oil producers were reportedly close to signing production deals with Venezuela, influenced by new regulations and pressure from the Trump administration. Discussions had faced hurdles related to dispute resolution and the impact of recent earthquakes. However, the new regulatory framework and these specific deals signal a renewed push to revitalize the nation's crucial energy sector.