Chevron and Halliburton Set to Invest Billions in Venezuela Oil Industry
US energy companies Chevron and Halliburton are reportedly close to signing billion-dollar deals that will bring investment into Venezuela's oil industry.
Chevron is near a deal to add two heavy-oil fields to its Venezuelan portfolio, while Halliburton is in talks to supply equipment and services to producers in the country. The agreements align with the Trump administration's goal of increasing Venezuelan oil production and securing additional supplies of heavy crude for US refineries.
Venezuela currently produces oil volumes significantly below its potential despite possessing some of the world's largest proven reserves. The country has faced years of underinvestment, mismanagement, and sanctions that have left production significantly below its potential.
ExxonMobil and ConocoPhillips are not participating in these deals due to their ongoing efforts to seek billions of dollars in restitution for assets nationalized by the former Venezuelan leader in 2007.