# US oil firms re-enter Venezuela

> Live situation record from CLSTR: https://clstr.news/situations/us-oil-firms-re-enter-venezuela
> Updated: 2026-08-12T18:28:06.000Z. Sources: 14. Developments: 3.

In late July 2024, Venezuela’s Supreme Court ordered the return of Halliburton’s seized assets, declaring them strategic for the hydrocarbon sector and appointing a Halliburton‑funded overseer to manage the transfer. The ruling removed a key barrier that had forced Halliburton to suspend its Venezuelan operations in December 2020, clearing the way for the company to resume oil‑service activities.

A few days later, U.S. oil company Hunt Oil announced a memorandum of understanding (MOU) with Venezuela’s interim government to evaluate high‑production crude projects and, potentially, natural‑gas opportunities. Senior vice‑president María Julia Aybar described the venture as “risky and aggressive” but noted the potential for attractive production.

By July 2026, Venezuela’s oil production reached an average of 1,200,000 barrels per day, representing a 29.8% increase since January. This production growth coincides with legislative reforms intended to attract international investment by opening strategic sectors like oil, mining, and electricity to foreign capital. Economists suggest that sustaining this influx of investment will depend on establishing legal certainty and reducing administrative discretion.

## Claims

- Hunt Oil signed a Memorandum of Understanding (MOU) with Venezuelan authorities to evaluate oil development opportunities. (single source)
- The MOU is initially focused on crude oil production projects, though natural gas is not ruled out. (single source)
- Venezuela's crude production averaged 1,200,000 barrels per day (bpd) in July. (single source)
- July production represented a 1.09% increase compared to June. (single source)
- In 2026, extraction volume rose 29.8% compared to January levels. (single source)
- Legal certainty is the key to attracting investment and reactivating the economy. (single source)

## Timeline

### 2026-08-12: Venezuela oil production rises as Hunt Oil signs development MOU

Venezuela's oil production rose to 1.2 million barrels per day in July, while Hunt Oil signed an MOU to evaluate new development opportunities in the country's energy sector.

4 sources. https://clstr.news/cluster/venezuela-oil-production-rises-as-hunt-oil-signs-development-mou

### 2026-08-01: Hunt Oil signs MOU with Venezuela to explore oil development

U.S. oil firm Hunt Oil signed an MOU with Venezuela’s interim government to assess oil projects, with senior VP María Julia Aybar calling the venture risky but promising.

2 sources. https://clstr.news/cluster/hunt-oil-signs-mou-with-venezuela-to-explore-oil-development

### 2026-07-28: Venezuelan Supreme Court Restores Halliburton Assets, Enables Oil Services Resumption

Venezuela's Supreme Court ordered the return of Halliburton's seized assets and cleared the way for the oil‑service firm to resume operations, appointing a overseer and an execution tribunal in Cabimas.

9 sources. https://clstr.news/cluster/venezuelan-supreme-court-restores-halliburton-assets-enables-oil-services-resumption

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Cite as: US oil firms re-enter Venezuela. CLSTR, https://clstr.news/situations/us-oil-firms-re-enter-venezuela