Global energy companies are increasingly turning their attention back to Venezuela, as shifting political conditions and easing U.S. sanctions create new business opportunities in one of the world’s largest oil-producing nations.

Halliburton, a major oilfield services firm, confirmed it is in discussions with potential customers about restarting operations in the country. The company had previously exited Venezuela in 2020 following U.S. sanctions.

Interest has surged following political developments earlier this year, which have opened the door for foreign companies to reconsider investments. Oil majors already operating in the region, such as Chevron, are reportedly planning to expand production.

Halliburton executives say the company’s facilities in Venezuela are in better condition than expected, and they are receiving strong interest from clients looking to resume or scale up operations.

The renewed activity reflects broader shifts in global energy markets, where companies are seeking new sources of supply amid geopolitical disruptions and rising oil prices.

If fully realized, the return of international firms could significantly boost Venezuela’s oil output and reshape supply dynamics in the global energy market.

Source: Reuters