Halliburton, TotalEnergies sign Venezuela oil deals amid sanctions easing

US Halliburton and France's TotalEnergies have signed agreements to operate in Venezuela's Orinoco Basin, the world's largest crude reserve. This follows a pattern of Western energy firms re-entering Venezuela as sanctions are relaxed, but the long-term bet faces political and operational risks. The move signals a shift in Western energy strategy, potentially increasing supply but also exposing firms to regime risk.