Halliburton has signed two non-binding agreements aimed at supporting new oil and natural gas development projects in Venezuela, expanding the energy services company’s involvement as international firms explore opportunities in the country’s energy sector. The Houston-based company announced on September 21 that it will work with Eneva SA, Brazil’s largest private natural gas operator, to identify potential natural gas development opportunities in Venezuela. Halliburton also signed a separate memorandum of understanding with engineering firm West-Construcciones CA, or WESCA, to support field development and planning activities. The agreements represent another step in Halliburton’s potential return to a market where it previously maintained significant operations. The company reduced and ultimately shut down its primary Venezuelan activities in 2020 as U.S. sanctions and political tensions limited energy-sector business in the country. Halliburton is one of the world’s largest providers of oilfield services, including drilling, hydraulic fracturing, well construction, reservoir evaluation, and production technologies. Its expertise could become important as Venezuela attempts to restore aging energy infrastructure and increase oil and natural gas production. The latest agreements come as several U.S. and international companies examine possible investments in Venezuela. Chevron has announced plans to expand its Venezuelan operations, while ExxonMobil has held discussions with government officials about a potential return. Venezuela holds more than 303 billion barrels of proven crude oil reserves, the largest total in the world, according to OPEC data cited by Transport Topics. The Trump administration has also encouraged U.S. energy companies to explore opportunities in Venezuela as part of its broader effort to increase oil supplies. In August, the White House announced a partnership involving North American Blue Energy Partners that includes development rights covering 17 Venezuelan oil fields. Administration officials have said increased Venezuelan production could eventually contribute to greater global energy supply, though analysts have cautioned that rebuilding the country’s deteriorated infrastructure could require years and substantial investment. For Halliburton, the agreements with Eneva and WESCA do not yet represent binding commitments to begin major projects. Instead, they establish frameworks for identifying development opportunities and providing technical support if projects move forward. The company’s renewed interest comes as Venezuela’s energy industry seeks outside capital, technology, and expertise to increase production. Years of underinvestment, infrastructure deterioration, sanctions, and operational challenges have limited output despite the country’s enormous oil reserves. If projects advance, Halliburton could provide technology and oilfield services needed to develop wells, improve production, and support natural… [TheTopNews] Read More.
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