Schlumberger Poised to Extend Credit Line

Venezuela's PDVSA said on Friday that oil services giant Schlumberger (SLB) was poised to extend an existing credit line to the South American state oil company, without offering details.

In 2013, PDVSA received a revolving credit line of at least $1 billion to allow it to continue contracting Schlumberger for work including drilling and pipeline services in the OPEC nation with the world's largest oil reserves.

On Thursday, Schlumberger Chief Executive Officer Paal Kibsgaard met PDVSA boss Eulogio del Pino in Caracas "to deepen their cooperation agreements," according to PDVSA.

"Both companies said they have complete willingness to renew current agreements and increase the current credit line," the statement read.

The two executives also discussed the need to optimize operations amid lower oil prices, it added.

PDVSA did not respond to requests for details. It was not immediately possible to contact Schlumberger, the world's top oil services provider.

(Reporting by Alexandra Ulmer and Deisy Buitrago; Editing by Alan Crosby)