SLB Prepares to Restart 15 Oil Rigs in Venezuela

Oilfield services giant SLB is preparing to reactivate as many as 15 drilling rigs in Venezuela, potentially removing one of the biggest obstacles to increasing the country’s crude production.

SLB and energy-focused private equity firm Formentera Partners are working on separate efforts to increase Venezuela’s drilling capacity, executives said at an industry conference in Houston on Wednesday.