How many oil drilling rigs are currently active in Venezuela, and what is the resulting impact on production capacity?

According to Baker Hughes data cited in the article, only two onshore drilling rigs were active in Venezuela at the end of July, which is putting a ceiling on the country's oil production capacity at approximately 1.25 million barrels per day, based on official figures.

What is SLB's plan for reactivating oil rigs in Venezuela, and how soon does it expect them to be operational?

SLB expects to reactivate up to 15 oil rigs currently in Venezuela, with small workover rigs to be deployed first; William Antonio, SLB's president for Mexico, Central America and Venezuela operations, stated that up to four rigs are expected to be reactivated this year depending on contract signings with oil producers, and that these rigs 'will be fully busy in less than a year.'

SLB, Formentera Working to Activate Drilling Rigs in Venezuela, Executives Say

Aug 19, 2026

SLB and Formentera Partners plan to reactivate up to 15 oil rigs in Venezuela to increase crude production capacity. Executives cite potential growth despite ongoing regulatory and infrastructure challenges facing the energy sector.

reuters

2026-08-19

SLB, Formentera Working to Activate Drilling Rigs in Venezuela, Executives Say

SLB, Formentera Working to Activate Drilling Rigs in Venezuela, Executives Say

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