Venezuela partners with SLB and Hunt Oil to develop fields and boost energy sector investment amid production challenges.
Venezuela has signed agreements with oilfield services firm SLB and Hunt Oil Co. to increase investment in its energy sector. The deals include development of two oil fields and a framework agreement for integrated reservoir studies across the country, according to officials.
The move follows earlier reports of SLB securing contracts in Venezuela, signaling renewed efforts to revive production. Venezuela’s oil output has declined sharply in recent years due to underinvestment and sanctions, though recent easing of restrictions has opened opportunities for foreign firms.
No immediate market reaction was reported, but the deals could support long-term production growth in the OPEC member’s struggling energy industry.