US Hopes to Revive Venezuela’s Oil Industry with Modern Techniques

The United States is in discussions with Chevron, other crude producers, and major oilfield service providers regarding a potential plan to rapidly increase Venezuela’s crude production. Bloomberg News reported that officials have explored the deployment of Schlumberger (SLB), Halliburton, and Baker Hughes to repair and replace outdated equipment.

Officials suggest that under limited investment, Venezuela could boost its crude production by several hundred thousand barrels. According to the report, modern US equipment and techniques could rejuvenate existing wells and bring new production online within a few months.