SLB Prepares to Reactivate 15 Oil Rigs in Venezuela, Signaling Potential Production Boost
Oilfield services giant SLB is making preparations to reactivate up to 15 drilling rigs in Venezuela. This move is seen as a critical step toward increasing the country's crude oil production, which has significantly declined from its historical peak of over 3 million barrels per day. William Antonio, SLB's president for Mexico, Central America, and Venezuela operations, stated that all 15 rigs could be operational within a year, with up to four potentially returning to service before the end of 2026, depending on contracts with producers. Currently, Venezuela has only two active onshore drilling rigs, despite possessing the world's largest proven crude reserves. This initiative by SLB, alongside efforts from other firms like Formentera Partners, aims to address the severe lack of drilling capacity that has hampered Venezuela's oil output. 
