SLB, the technology and services multinational formerly known as Schlumberger, entered a framework alliance to conduct integrated reservoir studies and characterize petroleum areas across multiple Venezuelan regions. This technical partnership builds on a memorandum of understanding signed in Caracas in June 2026 to explore cooperation on advanced oil and gas services. Henao emphasized the agreement represents fundamental technical support for the industry by strengthening analytical and planning capabilities regarding the country’s energy resources.
The Venezuelan delegation in Houston included Deputy Minister of Geopolitics Eduardo Ramírez, PDVSA Executive Vice President Jovanny Martínez, and Venezuela’s chargé d’affaires in the United States Johan Álvarez. The group participated in discussions with U.S. Deputy Energy Secretary Kyle Haustveit and presented investment opportunities to the American Association of Petroleum Geologists and Society of Exploration Geophysicists.
Venezuelan crude production reached 1.2 million barrels per day in July 2026, a 1.09 percent increase from June and 29.8 percent higher than the 924,000 bpd recorded in January. The production gains occurred despite disruptions from earthquakes in June that killed at least 6,438 people and damaged infrastructure including housing and medical facilities.
The contractual framework stems from partial reform of Venezuela’s hydrocarbons law approved by the legislature in January under President Delcy Rodríguez. The legislation aims to facilitate investor participation and convert oil and gas reserves into actual production. Henao stated the new regulatory structure allows Venezuela to demonstrate not only its substantial reserves but also the contractual mechanisms to transform underground resources into surface barrels.
Venezuela’s GDP grew 7.14 percent in the second quarter of 2026 compared to the same period in 2025, driven by 9.1 percent expansion in petroleum activity, according to Central Bank figures. The country is promoting Venezuela Energy Week, a high-level conference scheduled for February 2027 that will bring together international companies across the energy value chain.
This article was curated and published as part of our South American energy market coverage.
