US-Backed $100 Billion Plan Revives Venezuela Oil Industry

Oilfield service companies are increasing hiring and deploying equipment in Venezuela to support a $100 billion oil revival plan backed by the administration of Donald Trump. The initiative follows the capture of former President Nicolas Maduro in January and seeks to rebuild an energy sector depleted by years of sanctions.

Major firms including Weatherford International, Baker Hughes, Halliburton, and SLB are advertising dozens of roles for engineers and specialists in regional hubs such as Anaco, Maturin, and Maracaibo. To support the infrastructure push, North American Blue Energy Partners recently received two drilling units, while Patterson-UTI is shipping components for 10 older rigs. Chevron is also expected to activate four additional units.

These operational steps follow agreements between the state-run oil company PDVSA and firms such as Eni and Baker Hughes. The coordinated effort aims to reactivate gas infrastructure and lift crude output from 1.2 million barrels per day to approximately 1.5 million by late 2027.