SLB, PDVSA enter Venezuela E&P MoU
SLB has signed a framework agreement with PDVSA to support the revival of Venezuela’s oil and gas sector.
Their memorandum of understanding (MoU) sets out the basis for a collaboration in exploration, field development, production, digital initiatives, and workforce training/development.
“Venezuela’s oil and gas sector has substantial resource potential, and realizing that potential will require technology, digital integration and long-term talent development,” said SLB CEO Olivier Le Peuch.
One of the main areas of focus will be affecting a digital transformation of Venezuela’s oil and gas industry, using connected data, predictive models and AI-enabled workflows to strengthen efficiency and speed up decision-making.
In addition, the MoU provides a framework for a broader cooperation across exploration, field development and production. This includes improving performance at mature fields, heavy and extra-heavy crude reserves, optimizing infrastructure and supporting the establishment of future resources.
The two parties will also work alongside local academics to foster expertise and technical capability of the workforce.
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About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.