Halliburton's Chief Executive, Jeff Miller, has indicated that the company is taking preliminary steps to resume operations in Venezuela following the removal of President Nicolas Maduro. He stated that the company is actively working on the necessary licenses and logistical mechanics, expressing confidence that these will be established.

Readiness and Market Opportunity

Miller emphasized Halliburton's ability to scale up operations quickly due to its existing footprint in the country and the ease of moving equipment there. He noted significant customer interest, stating his phone has been "ringing off the hook." Halliburton views Venezuela as a "tremendous opportunity" and sees oil and gas as central to the country's economic recovery. The company, which first entered Venezuela in 1938 and left in 2019 due to U.S. sanctions, is confident it can grow its business there once commercial, legal, and payment terms are resolved.

Current Engagement and Workforce

The company is assessing specific opportunities and starting points, engaging with various customers, including current operators and those seeking to enter the market. Halliburton still employs 600 Venezuelans and looks forward to reinstating their work. Miller described the current situation as a pivotal moment to execute plans for a return.

Market Scale and Strategic Approach

While Venezuela's market is currently smaller than the consistent "half-a-billion-dollar business" it was a decade ago, Miller believes it has long-term potential to become a much larger operation. He indicated that Halliburton would work alongside major operators, who are crucial for negotiating financial terms, but could also collaborate with existing in-country operators.