SLB expects to reactivate as many as 15 oil rigs already sitting in Venezuela, William Antonio, the company's president of Mexico, Central America and Venezuela operations, said at a conference in Houston reported by Offshore Engineer OEDigital.
Up to four of those rigs could restart this year, Antonio told Reuters, with the timing hinging on whether contracts are signed with oil producers.
The oil service provider is working alongside private equity firm Formentera Partners either to bring idle rigs back into service or to import additional units into the country in the coming months, executives from both firms said on Wednesday during the conference, according to Offshore Engineer OEDigital.
The starting point is close to zero. Baker Hughes data cited in the same report put the number of active onshore drilling rigs in Venezuela at two at the end of July.
Venezuelan oil minister Paula Henao, speaking earlier at the conference, called on companies to invest in the country and to help expand its supply chain so that oil production is sustainable and profitable over time.
That appeal has not yet moved the largest international producers. ExxonMobil and ConocoPhillips have not rushed to return, saying more work needs to be done to protect contracts and investments, Offshore Engineer OEDigital reported.
The split matters for how any recovery in Venezuelan drilling would be financed. Service companies and private equity capital are positioning first, while the majors that would underwrite large-scale field development hold back on contract security grounds. Antonio's conditional framing points the same way: the rig count moves when producers sign, not before.