Weatherford joins VEW 2027 as platinum sponsor ahead of Venezuela return

Weatherford International has signed on as a platinum sponsor of Venezuela Energy Week 2027, signaling a broader return of global oilfield services to Caracas as Venezuela opens its hydrocarbons sector to more private participation. The company is expanding its local workforce and expects its first contracts before the end of 2026, with revenue and margin contributions expected in 2027.

Why it matters: - Weatherford’s sponsorship adds a major oilfield services player to Venezuela Energy Week 2027 as international companies move back into the country’s energy market. - The company is expanding in Venezuela ahead of expected contract awards, which suggests fresh activity in drilling, production and well services. - Venezuela’s push to raise output from about 1.25 million barrels per day toward 3 million bpd will require service companies, not just operators.

What happened: - Weatherford International joined Venezuela Energy Week 2027 as a platinum sponsor ahead of the event in Caracas. - CEO Girish Saligram expects Venezuela to add measurably to Weatherford’s revenue and margins in 2027. - Weatherford is expanding its Venezuelan workforce as the company prepares to resume large-scale work in the country. - Venezuela Energy Week 2027 is scheduled for Feb. 22-25 in Caracas.

The details: - Venezuela’s January hydrocarbons reform opened the sector to wider private participation. - PDVSA has begun circulating a model contract for well restarts and new drilling. - Weatherford is positioned to bid on that work and retains assets in the country. - Saligram said on the company’s second-quarter earnings call in July that Weatherford’s first Venezuelan work would center on artificial lift and intervention services for producing wells. - Saligram said the market has “moved a lot faster than many people anticipated,” and customers are raising Venezuela more often in meetings around the world. - Weatherford expects to close its first contracts before the end of 2026. - Minister of Hydrocarbons Paula Henao said at the VEW Houston Industry Showcase in August that mature-field rehabilitation and oilfield services are central to the investment needed to lift output. - Weatherford has operated in Venezuela for more than two decades. - At its peak, Weatherford’s Venezuelan business generated around $500 million in revenue and included drilling services, wireline and production work. - In 2000, Weatherford won a multi-year award to supply progressing cavity pumping systems for the Petrozuata development in the Orinoco Belt. - Weatherford has 295 operating locations in about 75 countries. - Shell selected Weatherford this year to supply artificial lift equipment and support for its Vaca Muerta operations in Argentina. - Petroleum Development Oman awarded Weatherford a three-year integrated drilling program for 247 wells at Marmul. - The Marmul contract followed an 837-well project that Weatherford completed 14 months early. - VEW 2027 will bring international operators together with PDVSA and the Ministry of Hydrocarbons in Caracas. - The program includes technical sessions on upstream development and digital field management. - The event will end with organized visits to oil and gas assets in Venezuela’s main producing areas. - Energy Capital & Power is organizing the event under the patronage of Acting President Delcy Rodriguez, PDVSA and the Ministry of Hydrocarbons. - Registration and sponsorship information is available at the event website and the sponsor page. - Weatherford’s social media presence for the event is on LinkedIn.

Between the lines: - Weatherford’s return lines up with a broader reopening of Venezuela’s upstream sector to foreign service providers. - The company’s focus on producing wells fits Venezuela’s near-term need to stabilize and improve output from existing fields before major new development. - The sponsorship also gives Weatherford a visible commercial position as operators and state entities negotiate the next phase of activity.

What’s next: - Weatherford expects to sign its first Venezuelan contracts before the end of 2026. - The company’s Venezuelan revenue contribution is expected to become more visible in 2027 if those awards convert into active work. - VEW 2027 will serve as a venue for deal discussions, technical exchange and field visits tied to Venezuela’s upstream rebuild. - More international service companies are likely to follow as the market continues to reopen.