SLB's CEO outlined the company's readiness and conditions for significantly expanding its oil and gas operations in Venezuela following the recent political change. He emphasized that a rapid ramp-up is contingent upon the establishment of appropriate U.S. licenses and guaranteed payment systems.

Current Operations and Historical Presence

Despite many international service companies exiting due to U.S. sanctions, SLB has maintained an active presence as the sole remaining international service contractor in Venezuela. The company continues to operate equipped facilities and provides a diverse set of services, including work for the National Iranian Oil Company under its existing license and collaboration with Chevron. Historically, Venezuela represented a substantial $1 billion business for SLB, employing over 3,000 people.

Preparedness for Expansion

The company has retained significant readiness for a potential scale-up. This includes a workforce of about 1,000 current Venezuelan employees, with an additional 2,000 former workers identified as potential returnees. SLB also holds a "unique subsurface digital leading role" and has $700 million worth of assets in the country prepared for immediate deployment in drilling, production, and intervention work.

Market Outlook and Customer Interest

SLB views Venezuela as a growth opportunity and is already fielding a high volume of customer inquiries about future options. The CEO expressed confidence that with the right licensing, safety, and compliance measures, SLB can quickly support the revitalization of the local oil and gas industry, though the exact timing of acceleration remains to be seen.