HOUSTON, CARACAS — U.S. energy giant ConocoPhillips is evaluating potential investments in Venezuela with caution, prioritizing recovery of significant outstanding legal claims and watching how the evolving political landscape unfolds.
The company, one of the major Western oil producers forced out of Venezuela more than two decades ago following nationalization of its assets, is reportedly taking a measured approach to future commercial activity in the South American nation. ConocoPhillips continues to monitor political developments — including the recent capture of Venezuelan President Nicolás Maduro by U.S. forces and subsequent calls from the U.S. government for increased foreign investment — but has not committed to large-scale reinvestment.
Prioritizing Arbitration Claims
A key reason for the company’s caution is its ongoing effort to recover approximately $12 billion in arbitration claims against the Venezuelan state dating back to expropriations in the early 2000s. ConocoPhillips says settling these longstanding financial issues remains a priority before any new major investment decisions are made.
Earlier this month, U.S. President Donald Trump publicly encouraged U.S. oil companies to invest in revitalizing Venezuela’s energy sector — a plan that could entail billions in capital expenditures. However, ConocoPhillips has maintained a cautious posture amid uncertainty over legal protections, fiscal frameworks and political stability.
Broader Industry Hesitation
Industry-wide caution on investing in Venezuela has been echoed beyond ConocoPhillips. Other major oil companies, including Exxon Mobil and Chevron, have expressed concerns about Venezuela’s investment climate, citing past asset seizures, infrastructure challenges, and the need for clear legal guarantees.
Analysts note that while Venezuela holds some of the world’s largest crude oil reserves, meaningful foreign investment would require significant upfront capital — potentially tens of billions of dollars — and stable conditions to attract major producers.