Halliburton and TotalEnergies Sign Venezuela Oil Deals as West Bets on Orinoco

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4▲4 ▼0Impact / 5
Summary · why it matters

Halliburton and TotalEnergies have signed new agreements in Venezuela, deepening Western oil companies' push into the country's 303 billion barrels of crude reserves. Halliburton signed two memoranda of understanding with Brazil's Eneva and engineering firm WESCA to deploy digital technologies and subsurface interpretation tools for field evaluation and development planning in the Orinoco and Maracaibo basins. TotalEnergies' deal with PDVSA includes the Travi light crude field in Monagas state, reversing its 2021 withdrawal from the Petrocedeno joint venture. The moves follow a U.S. agreement signed on 2 September by Energy Secretary Chris Wright covering 65 billion barrels of proven reserves across 17 fields, a 100-year concession that President Donald Trump called "the biggest oil deal in world history." Chevron has raised Venezuelan output from 40,000 barrels per day to 250,000 bpd, with CFO Eimear Bonner projecting a 50% increase to 420,000 bpd by the end of 2028, while BP has opened a permanent Caracas office and secured a license for Phase 2 of the offshore Loran gas field.

Impact on assets 7

Energy▲ · 3 stocks
Halliburton Company
HAL
▲ PositiveDemandrelevance

Halliburton signed two MOUs with Eneva and WESCA to deploy digital and subsurface tools for Orinoco and Maracaibo field development.

TotalEnergies SE
TTE
▲ PositiveDemandrelevance

TotalEnergies signed a deal with PDVSA for the Travi light crude field, reversing its 2021 Petrocedeno withdrawal.

Chevron Corp
CVX
▲ PositiveDemandrelevance

Chevron has raised Venezuelan output from 40,000 to 250,000 bpd, with CFO projecting 420,000 bpd by end-2028.

Energy Transition & Power Demand▲ · 2 stocks
BP PLC
BP
▲ PositiveDemandrelevance

BP opened a permanent Caracas office and secured a license for Phase 2 of the offshore Loran gas field.

Others▲ · 2 stocks

Off-coverage companies 3

Petroleos de Venezuela, S.A. (PDVSA)Private▲ Positive
Demandrelevance

PDVSA signed a deal with TotalEnergies covering the Travi light crude field in Monagas state.

Eneva SAPrivate▲ Positive
Demandrelevance

Eneva signed an MOU with Halliburton to deploy digital technologies and subsurface tools for field evaluation in the Orinoco and Maracaibo basins.

WESCAPrivate▲ Positive
Demandrelevance

WESCA signed an MOU with Halliburton to deploy digital technologies and subsurface interpretation tools for field evaluation and development planning in Venezuela.

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