Baker Hughes Partners to Launch Venezuela's First LNG Exports
Baker Hughes has signed two major agreements aimed at revitalizing Venezuela's natural gas sector and potentially launching the country's first-ever liquefied natural gas (LNG) exports. The deals, announced in Caracas, involve partnerships with Venezuela's state oil company PDVSA, Houston-based engineering firm Lindsayca, and U.S. LNG developer Fulcrum LNG. A separate memorandum of understanding with Canadian firm New Stratus Energy Inc. covers future oil and gas development. The agreements mark the latest moves by U.S. energy companies to formalize positions in Venezuela following the January 2026 removal of Nicolás Maduro.
The four-way alliance between Baker Hughes, PDVSA, Lindsayca, and Fulcrum LNG is designed to create an integrated natural gas value chain, spanning production, processing, and potential LNG exports. Each company brings specialized capabilities to the table. Baker Hughes contributes its energy technology portfolio, Lindsayca adds engineering and operational expertise, and Fulcrum LNG provides project development and market access expertise. Initial efforts will focus on meeting PDVSA's domestic gas needs, including fuel for power generation, before expanding to LNG exports.
The memorandum of understanding with New Stratus Energy will see Baker Hughes deploy its technology portfolio to support oil and gas prospects across Venezuela. Neither agreement discloses financial terms or commits the parties to specific projects. Each project will require separate contracts and compliance with applicable U.S. sanctions and export control requirements. The deals come as a wave of U.S. energy companies, including SLB and Hunt Oil, have already signed agreements with PDVSA.
Venezuela holds significant natural gas reserves but has never built the infrastructure to commercialize them at scale. Converting stranded gas resources into LNG could transform an environmental liability into a revenue-generating export. The global LNG market has been tight since Russia's 2022 invasion of Ukraine, creating sustained demand for Atlantic Basin cargoes. A Venezuelan LNG terminal could compete directly for buyers currently served by U.S. Gulf Coast facilities.