Oilfield services provider Halliburton Co. said April 24 it would cease most of its operations in Venezuela after the U.S. Treasury Department imposed tight new regulations on oil and gas companies doing business in the South American nation.
Seeking to increase pressure on socialist President Nicolas Maduro, the U.S. Treasury late on April 21 imposed restrictions on Chevron Corp.'s joint ventures with Venezuelan state-run oil company PDVSA.
The new restrictions effectively told Chevron, Halliburton, Schlumberger Ltd. and others to wind down their activity in Venezuela by December.
The new restrictions under a license that allowed Chevron and Halliburton to conduct business in the country include a ban on drilling, transporting oil or providing any equipment for use in Venezuela.
Both Chevron and Halliburton had already halted many activities and Halliburton said the decision will not have a material impact on its financial condition.
The company said in a regulatory filing it is unlikely that its remaining assets in Venezuela could be removed from the country and it may have to dispose them.
Recommended Reading
HNR Acquisition to Rebrand as EON Resources Inc.
2024-08-29 - HNR’s name change to EON Resources Inc. and a new ticker symbol, “EONR,” will take effect when trading commences on Sept. 18.
Aussie Shale’s Tamboran Resources Prices IPO in Range but for Fewer Shares
2024-06-27 - Among those buying the Australian shale-gas developer’s pre-trade shares were U.S. wildcatter Bryan Sheffield and completions pressure-pumper Liberty Energy.
Offshore Guyana: ‘The Place to Spend Money’
2024-07-09 - Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.
Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024
2024-07-18 - Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
2024-07-19 - Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.