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PDVSA and Schlumberger discuss business relation

Schlumberger CEO Paal Kibsgaard visited the headquarters of Petróleos de Venezuela S.A. to hold a meeting with PDVSA President Eulogio Del Pino.

PDVSA and Schlumberger discuss business relation

PDVSA reported on February 22, 2017, that Schlumberger CEO Paal Kibsgaard visited the headquarters of the company to hold a meeting with PDVSA President Eulogio Del Pino.

The agenda focused on Venezuela opportunities as the low oil price cycle is coming to an end.

They exchanged views on the existing portfolio and the future that brings together both companies.

It is of great importance for Schlumberger to strengthen its activities in Venezuela; they are working on models to cover the needs of both companies, while at the same time creating new jobs thus increasing the efficiency of operations for PDVSA, said Kibsgaard.

Del Pino expressed satisfaction with the discussion of projects and proposals made by Schlumberger.

This is an ideal time for the industry to come up with creative solutions to bring about necessary investment for the benefit of both companies and the stability of the oil market, he said.

Schlumberger said in April 2016 that it would be reducing its activity in the country, citing «insufficient payments received in recent quarters and a lack of progress in establishing new mechanisms that address past and future accounts receivable.»

However, Schlumberger appears to be more optimistic on Venezuela as of late.

The company is among several services firms participating in a $3 bln drilling campaign announced by PDVSA in September 2016.


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