While global energy giants are still hesitating whether to return to Venezuela, oil field technology service leader SLB has already taken the lead. This company has signed a long-term contract with the Venezuelan National Oil Company, with the goal of not only reversing the decline in production, but also rebuilding the entire country's oil industry system through AI and digital means. On the other side of the ocean, ExxonMobil, which once said Venezuela was not worth investing in, quietly turned its bow.

AI driven oil reconstruction

SLB CEO Olivier L é pez has made it clear that Venezuela has enormous potential for oil and gas resources, but activating these potentials requires technology, digital integration, and long-term talent development. The core direction of this collaboration is artificial intelligence, which drives the comprehensive digital transformation of the Venezuelan oil industry through predictive models, interconnected data, and AI driven workflows.

As early as early 2026, after the United States implemented actual control over the Venezuelan oil industry, L é pez had stated that SLB could rapidly expand its business scale as long as it obtained appropriate licenses and compliance guarantees. The signing of this long-term contract is the implementation of this commitment. Unlike SLB's technological roadmap, the attitudes of American energy giants have undergone a dramatic reversal. ExxonMobil publicly stated earlier this year that Venezuela's Lira is not worth investing in, but according to The New York Times, the company is in talks to acquire production rights for up to six oil fields in Venezuela, showing a clear loosening of its tone.

Exports soar by 60%

Market data is confirming the trend of regression. In the past two months, Venezuela's oil exports have surged to the highest level in seven years, with an average daily crude oil export volume of 1.25 million barrels in May, a year-on-year increase of 66%. The United States remains the largest buyer, with an average daily import of about 558000 barrels, followed closely by India with 427000 barrels per day, and Europe with 169000 barrels per day. The export volume of the three major markets increased month on month in May. Keywords: Petrochemicals, Energy Strategy

As sanctions continue to ease and international companies accelerate their entry, Venezuela's oil production and exports are expected to further increase. This wave of return, led by technology companies and followed by oil giants, is reshaping Venezuela's position in the global energy landscape.Editor/Cheng Liting