On Tuesday, Halliburton announced that it is discussing commercial terms with customers for resuming operations in Venezuela, following visits to its existing facilities. The move comes as the country's oil output is poised to rise and service firms are in high demand. Venezuela has attracted renewed interest since the U.S. capture of former President Nicolas Maduro in January, with oil producers and investors looking to re-enter the country that is home to the world's largest proven oil reserves. Oil majors already operating in the country like Chevron have been advancing plans to ramp up output, putting increased focus on service firms and equipment needed for much of the work. Halliburton exited Venezuela in 2020 and eliminated staff positions there following the introduction of U.S. sanctions. The company first started operations in Venezuela in 1938. Miller participated in a White House meeting with President Donald Trump earlier in the year, where he noted the company first started operations in Venezuela in 1938. "We're having great discussions with customers. We're talking about commercial terms," said Jeff Miller, CEO of Halliburton . Miller added that the company is getting lots of inbound inquiries and that many of its bases and facilities in the South American country are in better shape than he had expected. The company in January began seeking resumes for a range of positions in Venezuela including engineers and technicians, according to a job board posting, while the U.S. government has since moved to ease or remove many of the sanctions that had been imposed on industry there as part of an ambitious plan to restore oil output.