International energy services company Weatherford International is preparing to resume large-scale operations in Venezuela, signalling renewed interest from global oilfield service providers as the country moves to reactivate its oil and gas industry.
The company has joined Venezuela Energy Week (VEW) 2027 as a Platinum Sponsor, strengthening its presence ahead of an anticipated expansion of upstream activities and new contract opportunities in the South American country.Headquartered in the United States, Weatherford is increasing its Venezuelan workforce as state-owned oil company Petróleos de Venezuela (PDVSA) prepares contractual arrangements for restarting existing wells and drilling new ones.
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The company’s Chief Executive Officer, Girish Saligram, expects Venezuela to make a measurable contribution to Weatherford’s revenue and profit margins in 2027, reflecting growing expectations surrounding the country’s energy sector.
The renewed commercial activity follows hydrocarbons reforms introduced in January 2026, which opened the sector to wider private participation and encouraged international service companies to reconsider their presence in Venezuela.
PDVSA has reportedly begun circulating a model contract covering well rehabilitation and new drilling activities, creating opportunities for international companies with the technical expertise and equipment required to support production recovery.
Weatherford is among the companies positioning themselves to participate in the anticipated contract awards, alongside international energy operators such as Chevron and bp, which are also advancing their upstream plans in the country.
During the company’s second-quarter earnings call in July, Saligram identified artificial lift and well intervention services as the initial areas of focus for its Venezuelan operations. These technologies are particularly important for restoring production from existing wells and improving the performance of mature oilfields.
He indicated that commercial interest in Venezuela had developed faster than anticipated, with increasing numbers of customers discussing opportunities in the market. Weatherford retains assets in the country and expects to secure its first new contracts before the end of 2026.
The company’s strategy aligns with Venezuela’s ambition to increase oil production from approximately 1.25 million barrels per day towards a long-term target of three million barrels per day.
Reaching that objective will require substantial investment in existing oilfields, new drilling activities, production equipment and supporting infrastructure. Mature-field rehabilitation is expected to play a central role, particularly as operators seek to recover production from assets that have experienced years of underinvestment and operational challenges.
Venezuela’s Hydrocarbons Minister, Paula Henao, previously identified oilfield services and the rehabilitation of mature production fields as essential components of the country’s investment strategy during the Venezuela Energy Week Houston Industry Showcase in August.
Weatherford brings considerable historical experience in the Venezuelan market, where it has operated for more than two decades. At its peak, the company’s Venezuelan business generated approximately US$500 million in annual revenue and covered drilling services, wireline operations and production technologies.
One of its notable historical projects involved a multi-year agreement secured in 2000 to supply progressing cavity pumping systems designed for heavy crude production at the Petrozuata development in Venezuela’s Orinoco Belt.
Today, Weatherford operates across approximately 75 countries, with 295 operating locations worldwide. Its international experience includes recent contracts supporting production and drilling operations in different energy markets.
In Argentina, Shell selected Weatherford to provide artificial lift equipment and operational support for its Vaca Muerta activities. In Oman, Petroleum Development Oman awarded the company a three-year integrated drilling programme covering 247 wells at the Marmul field, following the early completion of an earlier contract involving 837 wells.
Weatherford’s return to Venezuela could therefore become part of a broader international effort to restore production capacity, introduce advanced oilfield technologies and strengthen the country’s position in global energy markets.
Its participation in Venezuela Energy Week 2027 will also provide an opportunity to engage with international operators, government representatives, PDVSA and other industry stakeholders.
Organised by Energy Capital & Power under the patronage of Acting President Delcy Rodríguez, PDVSA and the Ministry of Hydrocarbons, Venezuela Energy Week will take place in Caracas from February 22 to 25, 2027.
The programme will include discussions on upstream development, digital oilfield management and investment opportunities, alongside organized visits to major oil and gas producing areas.
As Venezuela seeks to rebuild its energy industry and attract international technical expertise, the return of established service providers such as Weatherford highlights the potential scale of opportunities emerging in the country’s hydrocarbons sector.
However, the pace of recovery will depend on contract implementation, sustained investment, operating conditions and the ability to restore production infrastructure.For the international oil and gas industry, Venezuela’s evolving energy landscape represents an important market to watch in 2027, particularly as the country seeks to translate its substantial petroleum resources into increased production and economic activity.
