Oilfield service firms are removing stored rigs in Venezuela as the government moves to overhaul contracts, signaling a potential rebound in production. Since a sweeping reform of Venezuela's main oil law in January, foreign and local producers have been submitting documentation while negotiating contract ratification, with the review due by the end of July. At least nine rigs of 500- to 1,500-horsepower have been taken out of storage by foreign firms, with another five under assessment. The move follows early agreements for area expansions, new block awards, and asset swaps. Halliburton has been discussing commercial terms with customers for operations in Venezuela after touring some facilities, while SLB described the country as an exciting growth opportunity. An oil executive noted that many companies are first reactivating rigs they have in Venezuela as challenges to import remain. The government's plans involve PDVSA and partners such as Chevron , Repsol and Shell , who have announced fresh projects requiring additional rigs. Meanwhile, Maurel & Prom is expected to install a drilling barge in Lake Maracaibo, and China Concord Resources Corp operated a jackup rig there recently. Baker Hughes reported only two active rigs in March, both working for Chevron . With the government targeting 93 rigs through 2028 and aiming to lift output to 1.37 million barrels per day by year-end, the reactivation of stored equipment could accelerate the start of new drilling campaigns, especially in the Orinoco Belt and Lake Maracaibo. Some firms seek 12-month contracts to cover repair costs, which are expected to be needed before moving many rigs to the oilfields. If those costs surpass $1 million per rig, medium-term contracts of about 12 months would be needed to justify the expense. Venezuela's new oil minister, Paula Henao, told investors and providers in recent weeks that the country is also looking for pumps, frequency converters, wellheads, valves, pipelines, gas compressors and chemicals for drilling, producing, processing and transporting crude and gas. If sourced, the rigs and equipment could help boost the country's total production to 1.37 million barrels per day of crude by year-end from the current 1.1 million bpd, according to Henao's presentations seen by Reuters. Venezuela's Oil Ministry, PDVSA and Chevron did not reply to requests for comment. Repsol and Shell declined to comment.