Oil field service providers are eager to ramp up operations in Venezuela and take advantage of the Trump administration’s push to boost the South American country’s oil production.
The three largest oil service companies, which provide drilling equipment and other assistance to oil producers, said last week that they’re eager to expand operations in Venezuela. Two of the Houston-based companies — SLB and Halliburton — said that they’ve been flooded with calls in recent weeks about the country.
Still, uncertainty around the Trump administration’s plans leaves doubts about what investments may come to pass after the U.S. seized Venezuelan President Nicolás Maduro earlier this month.
SLB CEO Olivier Le Peuch told investors and analysts Friday that his company could “rapidly ramp up activities” in Venezuela if licensing, safety and compliance changes are made. Le Peuch said the company has more than 1,000 Venezuelan employees and more than 2,000 former employees in the country.
