SLB is about to increase its activities in Venezuela

SLB, an oilfield service company, said that it could increase its activities in Venezuela if the necessary licensing, safety parameters, and compliance measures were put into place. SLB was one of the oil companies who met with the White House in order to discuss investment opportunities in Venezuela following the ouster of President Nicolas Maduro by the U.S. in early January.

"We have already received a number of inquiries from customers," said CEO Olivier Le Peuch during a conference call following the earnings announcement.

"I would need to put in place the proper conditions first, such as licensing, payments, and an operating license," Le 'Peuch stated. Halliburton, a rival oilfield services provider that also met with White House officials, announced earlier this week that it would seek re-entry into Venezuela once commercial and legal terms were resolved, including payment assurance.

Halliburton stated that it was working through the mechanics of obtaining licenses, which it claimed would fall into place.

SLB, a Houston-based company, said on Friday that it was the only service company active in Venezuela delivering services for an integrated oil firm under the licence of the oil major. SLB on Friday reported a ?better-than-expected fourth-quarter profit and said it had maintained ?active facilities, equipment, and local personnel on the ground in Venezuela.

Chevron, the only major oil company in the United States currently producing crude in Venezuela, has joint ventures with PDVSA that produce around 240,000 barrels per day. Chevron is the only major oil company in the U.S. currently producing crude oil in Venezuela. It produces 240,000 barrels of oil per day through joint ventures with Venezuelan oil company PDVSA. Reporting by Arathy S. Somasekhar, Houston; Tanay Dhumal, Bengaluru. Editing by Barbara Lewis.

(source: Reuters)