Venezuela Secures Energy Partnerships to Revive Oil Output

The agreement with Hunt Oil targets the development of two specific fields, while the partnership with SLB establishes a framework for integrated reservoir studies nationwide. This move builds on prior commitments from SLB to deploy digital infrastructure, including artificial intelligence and predictive modeling, to modernize legacy workflows across the Venezuelan oil patch. SLB CEO Olivier Le Peuch previously highlighted that unlocking the country’s resource potential relies heavily on technology and long-term talent cultivation.

Simultaneously, the trade relationship with the United States has deepened. Energy Under Secretary Kyle Haustveit noted that roughly half of Venezuela’s current daily output—totaling approximately 1.25 million barrels—is now destined for U.S. refineries specifically configured for Venezuelan crude. To support this volume, the U.S. currently exports over 100,000 barrels of naphtha daily to Venezuela, a critical component for processing heavier crude grades.