SLB Signs Preliminary Agreement with Venezuela’s PDVSA for Technology Transfer in Oil, Gas and Mining Operations

Venezuela’s state oil company PDVSA signed a memorandum of understanding with technology multinational SLB in Caracas on June 11, 2026, establishing a framework for cooperation in oil and gas services using advanced technology. The agreement was executed at Miraflores Palace by SLB CEO Olivier Le Peuch and PDVSA president Héctor Obregón in the presence of Venezuela’s acting president Delcy Rodríguez, who assumed the role following Nicolás Maduro’s capture by United States authorities in January.

Obregón characterized the document as a “preparatory agreement” and expressed expectations for reaching a definitive accord that would benefit Venezuela’s oil industry and incoming investors. The scope extends beyond hydrocarbons to encompass the mining sector, which opened to private and foreign investment following parliament’s approval of a new Mining Law in April 2026. The chavista-majority legislature’s legislative action signals Venezuela’s systematic removal of barriers to foreign capital participation in extractive industries.

Le Peuch described the opportunity as unique, emphasizing SLB’s intention to “reinvest at large scale” in Venezuela and support PDVSA. The French executive highlighted plans to deploy technology excellence in production, drilling and digital collaborations incorporating artificial intelligence. He stated the partnership could unlock reserve value and attract additional investment, technology and development to Venezuela.

The agreement focuses specifically on technology transfer for exploration, drilling and reservoir optimization across Venezuela’s oil and gas fields. Rodríguez expressed confidence that new technologies would generate high impact on exploration and production, improving productivity for both PDVSA operations and individual field performance. Between January and May 2026, Venezuela’s crude production increased 27.6 percent, strengthening the sector’s recovery and positioning the country as a reference in international markets.

Rodríguez framed the signing within what she termed a “new moment” for Venezuela, characterized by opening strategic petroleum and mining sectors driven by recent rapprochement with Washington. The acting president stated Venezuela “believes in international investment as an engine of its development.” The memorandum represents SLB’s return to significant operations in a country holding some of the world’s largest proven oil reserves, though specific investment commitments and timelines for the definitive agreement were not disclosed during the televised ceremony.