June 10 (Reuters) - U.S. oilfield services firm SLB SLB.N has signed a long-term agreement with Venezuela's state oil company PDVSA to help modernize and revive the OPEC nation's oil and gas sector, the company said in a statement on Wednesday.

The memorandum of understanding covers cooperation across exploration, field development and production, the statement said, as Caracas looks to rebuild output after years of under-investment and sanctions.

A central focus of the agreement is the digital transformation of Venezuela's oil and gas sector, the company said, adding that SLB and PDVSA will assess the use of connected data, predictive models and AI-driven workflows to improve efficiency and accelerate decision-making.

"Venezuela's oil and gas sector has substantial resource potential, and realising that potential will require technology, digital integration and long-term talent development," CEO Olivier Le Peuch said.

SLB earlier this year said it could rapidly expand in Venezuela if licensing and compliance conditions were met, following talks with U.S. officials on potential investment.