The agreements come as international energy companies and investors increasingly examine opportunities in Venezuela’s long-underdeveloped oil industry, where years of limited investment and deteriorating infrastructure have constrained production.
Under the agreement with Eneva, Halliburton will work with the Brazilian energy company to identify and pursue potential energy development opportunities in Venezuela.
The two companies are expected to assess areas where their respective technical and operational capabilities could support the development of oil and gas resources as interest in the South American country’s energy sector continues to grow.
In a separate memorandum of understanding, Halliburton will provide support to WESCA in field evaluation and development planning.
The agreement builds on existing cooperation between the companies in areas including reservoir analysis, digital technologies and subsurface interpretation. The partnership is expected to focus on applying those capabilities to the assessment and development of potential Venezuelan energy assets.
The deals underscore the renewed attention being paid to Venezuela’s vast hydrocarbon resources as energy companies consider opportunities to expand production and rehabilitate infrastructure that has suffered from years of underinvestment.
Companies with existing operations or interests in Venezuela, alongside firms seeking to establish new positions in the market, have been negotiating and finalising agreements that could support higher production and the restoration of oilfield infrastructure.
Interest in the country has increased sharply since the United States captured former Venezuelan President Nicolás Maduro in January, prompting oil producers and investors to reassess opportunities in the country.
Earlier this month, privately owned Continental Resources signed memorandums of understanding with Venezuela’s state-owned oil company, PDVSA, relating to the further operation and development of the Ayacucho 2 area in the Orinoco Belt.
Chevron has also announced plans to invest $7 billion through its Venezuelan joint ventures, signalling a significant commitment to expanding its activities in the country.
Meanwhile, ExxonMobil has reportedly been in discussions about a possible return to Venezuela. The company has expressed interest in the Petromonagas heavy-oil project in the Orinoco Belt, as well as areas in the neighbouring Carabobo block.
The growing interest is significant for Venezuela, which holds some of the world's largest oil reserves but has struggled for years to translate those resources into sustained production because of underinvestment, infrastructure challenges and restrictions affecting international companies.
Halliburton's latest agreements therefore place the oilfield services provider among companies positioning themselves for potential activity as investment conditions in Venezuela evolve.
For Halliburton and its partners, the focus on reservoir analysis, field evaluation, digital technologies and development planning also reflects the technical requirements involved in reviving mature and underdeveloped oil assets.
The agreements with Eneva and WESCA do not, by themselves, establish specific production targets or confirm final investment decisions. Rather, they provide a framework for the companies to identify and evaluate potential opportunities as Venezuela's energy sector undergoes renewed scrutiny from international investors.