Halliburton said Monday it signed memorandums of understanding with the two companies to pursue energy development opportunities in Venezuela. The agreements are non-binding.

Under its agreement with Eneva, Brazil’s largest private natural gas operator, Halliburton will identify and pursue development opportunities in Venezuela, building on an existing relationship between the companies in Brazil. Eneva has previously said it was evaluating Venezuelan opportunities including gas-fired power projects.

Halliburton’s agreement with WESCA will focus on field evaluation and development planning, including the use of digital technology and subsurface interpretation.

The deals mark another step toward rebuilding Halliburton’s business in a country where it has operated for nearly nine decades. The Houston-based company suspended its primary Venezuelan operations in 2020 amid tightening U.S. sanctions.

Halliburton is joining a growing list of energy companies seeking opportunities in Venezuela as Washington encourages investment aimed at rebuilding the country’s battered oil industry.

Earlier this month, Chevron unveiled plans to invest more than $7 billion in Venezuela over the next five years, targeting production of roughly 600,000 barrels per day—more than double its 2026 level.

Continental Resources also signed a preliminary agreement with PDVSA last week, while ExxonMobil is reportedly exploring a potential return.

Halliburton said its existing bases, operational capabilities and local expertise leave it positioned to support Venezuela’s expanding energy sector.

Source: Oilprice