Halliburton is discussing commercial terms with customers for Venezuela operations

Oilfield service firm Halliburton on Tuesday said it has been discussing commercial terms with customers for operations in Venezuela after making visits to its existing facilities in the country.

Interest in Venezuela has ramped up dramatically since the U.S. capture of former President Nicolas Maduro in January, with oil producers and investors looking to re-enter the country that is home to the world's largest proven oil reserves. Oil majors already operating in the country like Chevron have been advancing plans to ramp up output, putting increased focus on service firms and equipment needed for much of the work.

"We're having great discussions with customers. We're talking about commercial terms," said Jeff Miller, CEO of Halliburton, adding the company is getting lots of inbound inquiries.

Miller said many of the company's bases and facilities in the South American country are in better shape than he had expected. Halliburton exited Venezuela in 2020 and eliminated staff positions there following the introduction of U.S. sanctions.

Miller participated in a White House meeting with President Donald Trump earlier in the year, where he noted the company first started operations in Venezuela in 1938.

The company in January began seeking resumes for a range of positions in Venezuela including engineers and technicians, according to a job board posting, while the U.S. government has since moved to ease or remove many of the sanctions that had been imposed on industry there as part of an ambitious plan to restore oil output.