Halliburton signs Venezuela energy pacts with Eneva, WESCA
HAL•Details of the agreements
- 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.
Venezuela interest has increased
- 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 CVX.N said it will invest $7 billion through its Venezuela joint ventures.
- ExxonMobil XOM.N 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.
Halliburton signs memorandums with Eneva and WESCA
Sept. 21 (Reuters) - Halliburton HAL.N 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 and improve infrastructure after years of underinvestment.
