Halliburton Signs MOUs to Return to Venezuela Energy Market

Halliburton has signed nonbinding memorandums of understanding with Brazilian energy company Eneva and WESCA to pursue oil and gas development opportunities in Venezuela. The Eneva agreement builds on the companies’ existing relationship in Brazil, while the WESCA agreement covers field evaluation and development planning; financial terms were not disclosed. The agreements mark Halliburton’s planned return to a market it left in 2019 because of U.S. sanctions, following changes in U.S. policy that have enabled broader energy-sector activity in Venezuela. The move comes amid a growing push by American and international energy companies, including Chevron and Continental Resources, to invest in the country.