The Daily Journal.— Halliburton signed memorandums of understanding with Brazil’s Eneva and WESCA to evaluate oil and gas development opportunities in Venezuela as international companies seek to position themselves in the country’s energy sector.
The agreements cover asset evaluation, development planning, and subsurface analysis. However, the companies have not announced any investments, committed capital amounts, or specific production projects at this stage.
Halliburton will work with Eneva, one of Brazil’s leading integrated energy groups and the country’s largest private natural gas operator, to identify and evaluate development opportunities in Venezuela. The cooperation will build on the two companies’ existing relationship in Brazil.
Under its agreement with WESCA, the U.S. company will participate in field evaluations and potential development planning. The companies will use digital technologies and subsurface interpretation tools to improve their understanding of reservoirs and support resource development decisions.
“Halliburton has a long history in Venezuela and supports customers as they pursue growth opportunities,” said Francisco Tarazona, Halliburton’s senior vice president for Latin America.
“We look forward to working alongside Eneva and WESCA to advance development opportunities and support the country’s evolving energy sector,” he added.
The memorandums expand Halliburton’s activities in Venezuela, where the U.S. company says it has maintained a presence for nearly 90 years. Halliburton operates from several bases across the country and provides services related to oil and gas reservoir evaluation and development.
For Eneva, the agreement opens the door to exploring opportunities beyond its domestic market, while Halliburton gains another avenue to provide technical services for Venezuelan projects. WESCA, meanwhile, will work with the U.S. company on reservoir characterization and development planning.
The agreements focus exclusively on cooperation and opportunity assessment. Any progress toward specific projects would require subsequent agreements and investment decisions from the companies involved.
