Baker Hughes said Monday that a significant revenue opportunity exists in Venezuela, with safety and regulatory clarity as key prerequisites. The Houston‑headquartered company, which generated about half a billion dollars of revenue in Venezuela in 2012, has maintained an ongoing presence supporting licensed oil producers.

After the U.S. removed President Nicolas Maduro earlier this month, oil companies are working to rebuild Venezuela’s dilapidated oil industry. Baker Hughes has been engaging with authorities and evaluating long‑term opportunities in the market.

For 2026, the company forecasts revenue between $26.2 billion and $28.3 billion, a midpoint below last year’s $27.7 billion. Adjusted earnings before interest, tax, depreciation and amortization are expected to range from $4.6 billion to $5.2 billion, compared with $4.8 billion in 2025. SLB said it can rapidly increase its activities in Venezuela, provided licensing, safety parameters and compliance measures are in place, while Halliburton said it would seek to re‑enter Venezuela as soon as commercial and legal terms, including payment certainty, are resolved.

Simonelli said, “The incremental opportunity of revenue is significant, and will be obviously programmatic as we go back, and there’s a lot of work in progress.” He added that moderate production increases would require substantial investment in well integrity, off‑grid power generation, equipment replacement, upgrades and services.

With a clear safety framework and regulatory certainty, Baker Hughes expects to capitalize on the country’s potential to boost its oilfield services and industrial technology businesses, positioning the company for growth as Venezuela’s production ramps up.