Halliburton Company announced on September 21 that it had signed memorandums of understanding with Brazilian energy company Eneva and Venezuelan engineering firm WESCA to pursue oil and gas opportunities in Venezuela. Under the MoU with Eneva, the two partners will build on their existing relationship to identify and pursue development opportunities in the country, while the WESCA agreement will focus on field evaluation and development planning, including the use of digital technology and subsurface interpretation. The deals could give the oilfield services provider an early position in the largest oil reserves in the world, as Venezuela pushes to lift production from the current 1.25 million barrels per day to 3 million bpd. Halliburton operated in the country for nearly nine decades before suspending its primary Venezuelan operations in 2020 amid tightening US sanctions, and Francisco Tarazona, Senior Vice President Latin America at Halliburton, said the agreements highlight the company's efforts to help customers unlock value from their assets. The agreements are MoUs and not closed contracts, and Halliburton has provided no financial details, production targets, or spending commitments, leaving the near-term impact limited by Venezuela's regulatory and infrastructure challenges.
Halliburton CompanyHalliburton signed MoUs with Eneva and WESCA to pursue oil and gas development opportunities in Venezuela, potentially giving it an early position in the country's reserves.
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