Baker Hughes (NASDAQ: BKR) announced the signing of two agreements aimed at developing Venezuela's natural gas and energy infrastructure, according to a press release issued Oct. 5, 2026.

The company signed a strategic alliance agreement in Caracas with state oil company PDVSA, Lindsayca Inc., and Fulcrum LNG, Inc. to restore and expand Venezuela's natural gas infrastructure. Separately, Baker Hughes signed a Memorandum of Understanding with New Stratus Energy Inc. to support future oil and gas development in the country.

Under the alliance with PDVSA, Lindsayca, and Fulcrum, the parties plan to advance infrastructure needed to process, transport, commercialize, and export natural gas. The collaboration combines Baker Hughes' energy technology portfolio, Lindsayca's engineering and construction capabilities, and Fulcrum's midstream and LNG project development and financing expertise.

The MOU with New Stratus Energy will draw on Baker Hughes' technologies across subsurface, drilling, production, processing, digital, and LNG applications to support resource recovery and project development.

Lorenzo Simonelli, chairman and CEO of Baker Hughes, cited the potential to "export the first LNG molecules produced in Venezuela" as a central objective of the partnerships.

The companies noted that any specific projects under the alliance framework will be subject to separate definitive agreements, internal approvals, and applicable U.S. sanctions and export control requirements, including authorizations from the U.S. Department of the Treasury's Office of Foreign Assets Control.

Baker Hughes stated it has operated in Venezuela for more than 60 years. Its existing presence in the country includes more than 1,200 oil production systems and approximately 240 turbomachinery units across 23 sites.