Major international energy companies are accelerating their investments in Venezuela’s oil sector through a series of agreements that represent a significant shift in Western energy strategy. Halliburton has signed memoranda of understanding with Brazilian natural gas operator Eneva and engineering firm WESCA to deploy digital technologies for field evaluation and development planning in the Orinoco and Maracaibo basins. These efforts aim to restore drilling capacity in a region that currently operates only a limited number of active onshore rigs.
TotalEnergies has also returned to Venezuela after previously withdrawing from a joint venture in 2021, signing a new deal that includes operations in light crude oil fields in eastern Monagas state. This represents a broader reversal by European energy majors, who appear confident that legal protections under the current government will safeguard their long-term interests in the country.
The most significant development involves a 100-year concession agreement signed on 2 September between U.S. government entities and North American Blue Energy Partners, a private company that now ranks as the world’s second-largest by proven reserves. The deal encompasses 65 billion barrels across 17 fields and was characterized as historic by the Trump administration. The U.S. Department of Defense holds a 35% equity stake in the venture, reflecting national security considerations in energy supply.
The agreements form part of a broader geopolitical strategy outlined in the 2025 National Security Strategy and related White House statements, emphasizing reassertion of the Monroe Doctrine and preventing non-hemispheric competitors from controlling strategically vital assets in the region. Officials have noted that many of the targeted fields were previously controlled by Russian and Chinese firms.
However, legal uncertainties persist. Venezuela’s constitution mandates National Assembly approval for long-term concessions over strategic resources, and the interim government negotiating these deals has contested constitutional legitimacy. Future administrations could potentially challenge the agreements as beyond the interim government’s legal authority, creating significant risks for investors despite current assurances.
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