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By Reuters
(Reuters) – Halliburton has signed memorandums of understanding with Brazilian energy company Eneva and WESCA to pursue oil and gas development opportunities in Venezuela, the U.S. oilfield services provider said on Monday, as companies seek a potential revival of investment in the country’s long-underdeveloped energy sector
Companies with existing positions in Venezuela, as well as those seeking new opportunities, are negotiating or finalizing agreements that could expand production, improve infrastructure after years of underinvestment.
Here are more details:
- Halliburton and Eneva will identify and pursue energy development opportunities in Venezuela
- Under a separate MoU, Halliburton will support WESCA with field evaluation and development planning, building on their existing work in reservoir analysis, digital technologies and subsurface interpretation
- Interest in Venezuela has ramped up dramatically since the U.S. capture of former President Nicolas Maduro in January, with oil producers and investors looking to re-enter the country.
- Earlier this month, privately owned Continental Resources signed MoUs with Venezuela’s state oil company PDVSA seeking to further operate and develop the Ayacucho 2 area in the Orinoco Belt, while Chevron said it will invest $7 billion through its Venezuela joint ventures.
- ExxonMobil is reportedly in talks to return to the country and has expressed interest in the Petromonagas heavy oil project in the Orinoco Belt, as well as areas in the neighboring Carabobo block
Reporting by Sumit Saha in Bengaluru; Editing by Shailesh Kuber
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