ConocoPhillips evaluates Venezuela return as oil majors weigh risks

Published: 2026-04-14 12:40:09 ET COP

Published on 04/14/2026 at 12:40 pm EDT

ConocoPhillips has sent a team of specialists to Venezuela to assess oil and natural gas opportunities, marking a tentative step toward re-engagement in a country it exited nearly two decades ago following the nationalisation of private assets, EFE reported.

The Houston-based producer said the visit forms part of a broader review of global prospects. “We are analyzing Venezuela along with other international opportunities within our disciplined investment framework,” a company spokesperson said.

The move follows a similar initiative by ExxonMobil, which has also dispatched a team to evaluate the possibility of resuming crude production. Both companies are revisiting Venezuela after a period of political upheaval and policy shifts aimed at attracting foreign investment.

ConocoPhillips withdrew from Venezuela in 2007, alongside other international operators, after then-president Hugo Chávez nationalised oil fields previously run by the private sector. The country’s vast resource base—estimated at about 303bn barrels of proven crude, or roughly 17% of global reserves—continues to draw interest despite lingering risks.

Senior executives have, however, signalled caution over any potential return. ExxonMobil Chief Executive Darren Woods has said a comeback would depend on the country achieving stability and moving toward a representative political system. ConocoPhillips CEO Ryan Lance has also stressed the need for Venezuela to “completely recalibrate” its tax framework to attract fresh investment.

Outstanding financial disputes remain a major obstacle. Venezuela owes ConocoPhillips about $12bn, largely tied to an arbitration award issued in 2012 over what was described as the “unlawful expropriation” of its assets, complicating the outlook for renewed operations.