Halliburton signed nonbinding MoUs with Brazil’s Eneva and Venezuela’s WESCA on Sept. 21 to pursue oil and gas opportunities in Venezuela. The company disclosed no financial terms, production targets or spending commitments.
Under the Eneva MoU, the companies will build on an existing relationship to identify and pursue development opportunities. WESCA’s deal focuses on field evaluation and development planning, including digital technology and subsurface interpretation.
Halliburton operated in Venezuela for nearly nine decades before suspending its primary operations in 2020 amid tightening US sanctions. The report identifies political and regulatory uncertainty, power shortages, inadequate transport infrastructure and permitting bottlenecks as potential challenges to new work.
