Halliburton and Chevron Begin Execution of US-Venezuela Oil Deal as $100 Billion Investment Phase Launches

The U.S. government views the injection of American capital and technical expertise into Venezuela’s oil sector as a necessary geopolitical maneuver to secure 65 billion barrels of reserves and stabilize global energy markets. Conversely, independent analysts and regional observers argue that deploying $100 billion into a decayed infrastructure network under a newly formed private entity carries unprecedented operational and governance risks.[5]

Despite the friction over the long-term viability of the arrangement, the physical execution of the U.S.-Venezuela oil deal has officially begun. Halliburton announced the signing of memorandums of understanding with Brazilian energy firm Eneva and technical partner WESCA to support field evaluation and development planning across Venezuela's upstream sector.[1][3]

The agreements mark the first major service-sector mobilization since the White House disclosed the terms of a historic energy pact in late August 2026. Under that broader framework, the Pentagon’s Office of Strategic Capital acquired a 35% equity stake in North American Blue Energy Partners (NABEP), a private entity granted 100-year concessions to develop 17 Venezuelan oil fields.[5]

The scale of the required rebuild is massive. Decades of underinvestment have left the country's pipeline networks and heavy-crude upgraders severely degraded. Industry estimates project that returning Venezuela to a production level of 3 million barrels per day will require up to $100 billion in capital expenditure over the next decade.[5]

Halliburton, which maintained a strategic footprint in Venezuela after officially scaling back operations in 2019 to comply with previous U.S. sanctions, is positioning itself to capture a significant share of that capital expenditure. The company will leverage Eneva’s regional natural gas expertise and WESCA’s subsurface interpretation workflows to integrate digital technologies directly into field development frameworks.[1][4]

"Halliburton has a long history in Venezuela and supports customers as they pursue growth opportunities," said Francisco Tarazona, Halliburton’s senior vice president for Latin America. "We look forward to working with Eneva and WESCA to advance development opportunities and support the country's evolving energy sector."[1]

Chevron is simultaneously accelerating its own operations in the country. As the only U.S. major that maintained continuous operations in Venezuela through joint ventures, Chevron has outlined plans to invest more than $7 billion over the next five years to expand its heavy-crude extraction and export capacity.

The financial mechanics of the broader NABEP deal provide the capital foundation for these service contracts. NABEP is projected to pay approximately $200 billion in royalties and taxes over the first 25 years of its concession. In exchange for its 35% equity stake, the U.S. State Department secured the right to purchase 20% of the company’s output at the cost of production, a mechanism designed to replenish the U.S. Strategic Petroleum Reserve.[5]

The rapid mobilization of service providers like Halliburton indicates that the initial phases of the $100 billion infrastructure build-out are moving from diplomatic agreements to active procurement. As international operators reassess the Venezuelan basin, the immediate focus shifts to securing the specialized equipment, drilling rigs, and engineering personnel required to execute the world's largest active energy construction project.[2][3][4]