Venezuela Oil Revival Draws Eni, Chevron, TotalEnergies and Halliburton

โดย Zacks Investment Research·VEITUS·Read original
Summary · why it matters

Venezuela's oil and gas industry is drawing renewed interest from international energy companies, with fresh agreements involving major producers and oilfield service firms pointing to stepped-up development of the country's hydrocarbon resources. Eni and PDVSA signed a 25-year hydrocarbon participation contract on Sept. 2, 2026, making Eni the exclusive operator of the Junín-5 heavy-oil area, which holds 35 billion barrels of certified oil in place and currently produces approximately 12,000 barrels per day; the partners plan to invest approximately $1.5 billion annually, with production expected to reach around 400,000 barrels per day by 2030. Chevron announced updated agreements on Sept. 2, 2026, covering its Venezuelan joint ventures and additional acreage in the Orinoco Belt, underpinning plans to invest more than $7 billion over the next five years and more than double production to approximately 600,000 barrels per day versus 2026 levels, after output from its three Venezuelan joint ventures rose 15% through the second quarter of 2026. TotalEnergies and PDVSA signed a memorandum of understanding on Sept. 19, 2026, setting a framework for energy cooperation, though scope and value were not disclosed, while Halliburton announced MOUs with Eneva and WESCA on Sept. 21, 2026, to support field evaluation and development planning in Venezuela. Over the past year, Eni shares have advanced 55.4%, while TotalEnergies, Halliburton and Chevron have gained 43.3%, 29.3% and 31.5%, respectively, as crude oil held above $90 per barrel.

Impact on assets 6

Energy▲ · 4 stocks
Chevron Corp
CVX
▲ PositiveCapitalrelevance

Chevron announced updated Venezuelan JV agreements and Orinoco acreage underpinning over $7B investment and plans to more than double production to ~600,000 bpd.

Eni S.p.A.
ENI
▲ PositiveCapitalrelevance

Eni signed a 25-year hydrocarbon participation contract with PDVSA making it exclusive operator of Junín-5, with ~$1.5B annual investment planned.

Halliburton Company
HAL
▲ PositiveDemandrelevance

Halliburton signed MOUs with Eneva and WESCA to support field evaluation and development planning in Venezuela, a concrete order/contract win.

TotalEnergies SE
TTE
▲ PositiveCapitalrelevance

TotalEnergies signed an MOU with PDVSA setting a framework for energy cooperation in Venezuela.

Others▲ · 2 stocks

Off-coverage companies 3

Eneva SAPrivate± Mixed
relevance

Petroleos de Venezuela, S.A. (PDVSA)Private± Mixed
relevance

WESCAPrivate± Mixed
relevance

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