Halliburton (NYSE: HAL) has signed memorandums of understanding with Eneva and WESCA to support oil and gas development opportunities in Venezuela, according to a company press release.

Under the agreement with Eneva, a Brazilian integrated energy company and that country's largest private natural gas operator, the two companies will collaborate to identify and pursue development opportunities in Venezuela. The agreement builds on an existing relationship between the companies in Brazil.

The agreement with WESCA covers field evaluation and development planning in Venezuela. Halliburton and WESCA already work together on reservoir understanding and development decisions using digital technologies and subsurface interpretation.

Francisco Tarazona, senior vice president for Latin America at Halliburton, said the agreements reflect the company's efforts to help customers "unlock value from their assets through technology, collaboration, and execution excellence."

Halliburton said it has operated in Venezuela for nearly nine decades and maintains bases in the country along with established operational capabilities.