Halliburton Signs Non-Binding MOUs with Eneva and WESCA for Venezuela Gas Development and Reservoir Evaluation

Halliburton announced September 21 that it signed separate memorandums of understanding with Eneva, Brazil’s largest private natural gas operator, and WESCA, a Venezuelan engineering and construction firm active in the Orinoco Belt and Maracaibo Basin. Under the Eneva agreement, the companies will identify and pursue energy development opportunities in Venezuela, building on an existing operational relationship in Brazil. Eneva operates 9 million cubic meters per day of natural gas production capacity and integrates gas production with thermoelectric generation, a model that could apply to Venezuelan projects requiring both extraction and power infrastructure.

The WESCA memorandum focuses on field evaluation and development planning, leveraging digital technologies and subsurface interpretation to support reservoir characterization and production decisions. Halliburton and WESCA already collaborate on reservoir analysis and development work, providing a technical foundation for expanded engagement. Francisco Tarazona, Halliburton’s senior vice president for Latin America, emphasized the company’s long operational history in Venezuela and maintained infrastructure, including strategically located bases and equipment that remain in place despite the suspension of primary operations in 2020 under US sanctions.

The agreements arrive months after major international oil companies including BP, Chevron, Eni, Repsol and Shell secured licenses to operate in Venezuela under a different regulatory framework than the one governing service providers. Chevron has committed $7 billion over five years to scale production to 600,000 barrels per day, while Continental Resources signed preliminary agreements with state oil company PDVSA and ExxonMobil reportedly pursues re-entry discussions. Venezuela’s production reached 1.17 million barrels per day in August, with government targets calling for expansion to 3 million barrels per day, creating potential demand for integrated oilfield services across drilling, completion, cementing and digital reservoir management.

Halliburton provided no financial commitments, production targets or specific field assignments tied to either memorandum. The non-binding nature of the agreements means conversion to executed contracts with defined scope and capital allocation will determine whether the partnerships materially affect Halliburton’s international revenue mix. Venezuela’s regulatory environment remains largely untested under the current political framework, and infrastructure challenges including power shortages, transportation bottlenecks and permitting delays present execution risks for service providers. Halliburton held positions with 76 hedge funds valued at $2.3 billion as of second quarter 2026, up from 72 holders and $2 billion the previous quarter.