PDVSA has signed finance agreement with Halliburton and Weatherford following payment challenges for companies working in the OPEC nation.
The PDVSA has more than $20billion in outstanding bills to providers, which has led some companies to slow work.
The country’s oil minister Eulogio Del Pino said: “We are going to share the difficulties together because (the service companies) can’t always be on the easy side of things.
“That’s the negotiation we’re having with many companies.”
No additional details were given on what agreements had been reached.
Halliburton previously said in April it was curtailing activity in Venezuela.