Weatherford is among a number of international service companies returning to Venezuela after January's hydrocarbons reform opened the sector to wider private participation. PDVSA has since begun circulating a model contract for well restarts and new drilling, and Weatherford is one of the global service providers positioned to bid. Operators including Chevron and bp are advancing their own upstream plans in the country.

On Weatherford's second-quarter earnings call in July, Saligram said the company's first Venezuelan work would center on artificial lift and intervention services designed to raise output from producing wells, an area he identified as its core strength. He said the market has “moved a lot faster than many people anticipated,” with a growing number of customers raising Venezuela with him in meetings around the world. Weatherford retains assets in the country and expects to close its first contracts before the end of 2026.

The company’s focus on producing wells matches the way Venezuela plans to grow output, from about 1.25 million barrels per day (bpd) toward three million bpd over the long term. Speaking at the VEW Houston Industry Showcase in August, Minister of Hydrocarbons Paula Henao identified mature-field rehabilitation and oilfield services as central to the investment the target requires.

Weatherford has worked in Venezuela for more than two decades. At its peak, the business generated around $500 million in revenue and spanned drilling services and wireline alongside its production work. In 2000, it secured a multi-year award to supply progressing cavity pumping (PCP) systems, built to handle heavy crude, for the Petrozuata development in the Orinoco Belt.

Weatherford has 295 operating locations across some 75 countries, and its recent contracts demonstrate the growing scale of its production and integrated services. Shell chose the company this year to supply artificial lift equipment and support for its Vaca Muerta operations in Argentina, while Petroleum Development Oman awarded it a three-year integrated drilling program for 247 wells at Marmul. The Marmul operation is a follow-on to an 837-well contract Weatherford completed 14 months early.

Weatherford's participation adds a leading service provider to the dynamic commercial dialogue at VEW 2027, where international operators will meet PDVSA and the Ministry of Hydrocarbons in Caracas. The program includes technical sessions on upstream development and digital field management, and ends with organized visits to oil and gas assets in Venezuela's main producing areas.

Organized by Energy Capital & Power and taking place under the patronage of Acting President Delcy Rodriguez, PDVSA and the Ministry of Hydrocarbons, Venezuela Energy Week 2027 will convene in Caracas on February 22–25. To register, visit www.venezuelaenergyweek.com. To sponsor or exhibit, visit www.venezuelaenergyweek.com/sponsor.