Summary: Halliburton has initiated talks with customers over commercial terms for work in Venezuela after conducting visits to its existing bases in the country. The company is receiving significant inbound interest as international oil producers and investors consider re-entering a market that holds the world’s largest proven oil reserves. CEO Jeff Miller said many of Halliburton’s Venezuelan facilities are in better condition than expected following the inspections.
Halliburton, which withdrew from Venezuela in 2020 and removed staff positions after the introduction of U.S. sanctions, is now engaging customers about the commercial framework for a potential return. "We’re having great discussions with customers. We’re talking about commercial terms," Miller said, adding the company is getting lots of inbound inquiries. Those conversations follow visits to the company’s existing facilities in Venezuela.
Interest in Venezuela has increased markedly since the U.S. capture of former President Nicolas Maduro in January, the company said, with oil producers and investors looking at opportunities to re-enter the country. Oil majors already active in Venezuela, such as Chevron, have been advancing plans to increase output, which places added emphasis on the role of service companies and the equipment required to carry out a large portion of the work.
Miller also noted his participation in a White House meeting with President Donald Trump earlier in the year, where he referenced the company’s long history in the country, saying Halliburton first started operations in Venezuela in 1938. In January the company posted job-board listings seeking resumes for a range of positions in Venezuela, including engineers and technicians, reflecting preparatory hiring activity.
The U.S. government has since moved to ease or remove many of the sanctions that had been in place on the industry in Venezuela, part of an articulated plan to restore oil output. Halliburton’s discussions with customers and its facility inspections come amid those policy changes and rising commercial interest. The company has not announced any definitive contracts or operational timelines.
Contextual note: The information above reflects Halliburton’s statements regarding its discussions, facility visits, recent hiring postings, and comments on sanctions and interest levels. No new operational commitments or contracts were reported in these remarks.