Halliburton Signs Agreements to Support Energy Development Opportunities in Venezuela
Halliburton Signs Agreements to Support Energy Development Opportunities in Venezuela
Halliburton expands collaborations with Eneva and WESCA to pursue Venezuelan oil and gas development using its long-standing local presence and expertise.
HOUSTON--(BUSINESS WIRE)--
Halliburton (NYSE: HAL) announced the signing of memorandums of understanding (MOUs) with Eneva and WESCA to support energy development opportunities in Venezuela and help customers advance projects in the country's oil and gas sector.
With nearly nine decades of experience in Venezuela, Halliburton helps customers advance projects through strategically located bases in the country and by established operational capabilities and local expertise.
Halliburton and Eneva, one of Brazil’s leading integrated energy companies and the country’s largest private natural gas operator, will collaborate to identify and pursue development opportunities in Venezuela. The agreement builds on the companies' existing relationship in Brazil.
Under the agreement with WESCA, Halliburton will support field evaluation and development planning in Venezuela. The companies currently work together to advance reservoir understanding and support development decisions through digital technologies and subsurface interpretation.
"These agreements highlight Halliburton's efforts to help customers unlock value from their assets through technology, collaboration, and execution excellence," said Francisco Tarazona, senior vice president, Latin America, Halliburton.
The agreements underscore Halliburton's long-standing presence in Venezuela and its focus on customer collaboration and operational excellence.
"Halliburton has a long history in Venezuela and supports customers as they pursue growth opportunities," said Tarazona. "We look forward to working with Eneva and WESCA to advance development opportunities and support the country's evolving energy sector.”
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A memorandum of understanding (MOU) is a written outline where two or more parties record their mutual intentions and basic terms for a potential deal, acting like a formal handshake or a roadmap rather than a final contract. Investors watch MOUs because they signal possible future partnerships, projects, or transactions that could affect revenue or strategy, but they are usually not legally binding and don’t guarantee the outcome.
subsurface interpretationtechnical
The process of analyzing geological and geophysical data (seismic surveys, well logs, core samples and similar information) to map rock layers, faults, fluid locations and other features below the Earth's surface. For investors, it translates raw technical data into an interpreted picture of where oil, gas, minerals, groundwater or suitable rock formations may be — like turning an X‑ray into a labeled map that helps estimate potential resources and risk.
