(Updates with the company's response in the last paragraph.)

SLB (SLB) is set to win some of the initial contracts under President Donald Trump's plan to revive Venezuela's struggling oil industry, The Financial Times said Wednesday, citing people familiar with the matter.

The company is talking with US officials, its domestic partner Chevron (CVX), and other possible customers about increasing its footprint in Venezuela, according to the report.

SLB's shares have risen 14% this year, more than other industry peers, since American forces detained Venezuela's former leader Nicolas Maduro on Jan. 3 and revealed plans to control the country's oil, according to Financial Times.

Investors believe SLB is one of the best positioned companies to benefit from the reported US plan to invest $100 billion in Venezuela's ailing oil sector, the newspaper reported.

SLB has a long operational history in Venezuela, and although it downsized its presence in 2016, it still provides services to Chevron, the only American oil producer in Venezuela. Other oil services competitors like Baker Hughes (BKR) and Halliburton (HAL) are also looking into the Venezuela opportunity, the report said.

In response to MT Newswires, a company spokesperson referenced CEO Olivier Le Peuch's commentary from Jan. 9, noting that it has nearly 100 years of experience in Venezuela, maintains operational facilities, equipment and local personnel, and could ramp up activities quickly if conditions, operating licenses, and safety measures allow.

Shares of SLB rose 2.3% in recent Wednesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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