SLB and PDVSA Sign Deal to Digitize Oilfield Data

The U.S.-based oil services company SLB signed a contract last week with Petróleos de Venezuela, S.A. (PDVSA) to modernize and digitize Venezuela's outdated oilfield databases. The agreement provides SLB access to critical data on the world's largest crude reserves, which have suffered from years of neglect and a ransomware attack late last year.

SLB will implement artificial intelligence and cloud-based technology to organize real-time production data and reservoir characterization. This initiative aims to facilitate future investment by making critical information accessible. The contract also includes provisions for training and technology transfer.

Both the U.S. embassy in Caracas and Venezuela's oil ministry confirmed the deal to modernize exploration and production. While the specific duration and payment mechanisms remain undisclosed, reports indicate that negotiations included payments in kind, such as crude oil. Such arrangements are likely due to U.S. control over Venezuelan export revenues and PDVSA's history of defaulting on payments to service firms.