Project Awardhigh confidence
Halliburton and TotalEnergies sign agreements to re-enter Venezuelan oil sector
oilprice.com · October 6, 2026 · Week 2026-41
Summary
Halliburton has signed two MoUs to provide digital technologies and subsurface interpretation for heavy oil development in Venezuela's Orinoco and Maracaibo basins. Concurrently, TotalEnergies has signed a new deal with PDVSA, reportedly including the Travi light crude field, marking a reversal of its 2021 withdrawal. These moves, alongside expanded operations by Chevron, BP, Eni, and Repsol, signal a strategic re-entry by Western energy firms into Venezuela to secure non-Russian oil supplies.
Strategic Implication
The return of major IOCs and service companies to Venezuela signals a long-term effort to diversify global oil supply away from Russia, potentially creating future competition for MENA crude barrels.