On March 24, 2026, Venezuela opposition leader María Corina Machado addressed oil and gas executives at S&P Global's CERAWeek conference in Houston, Texas, as the industry remains hesitant to invest in Venezuela following the U.S. ouster of former President Nicolás Maduro in a military raid in January [1]. Machado, a Nobel Peace Prize laureate and former National Assembly member, leads the opposition movement advocating for a transition to democracy and a market economy in Venezuela. Despite the removal of Maduro, the rest of his regime remains in place, with interim President Delcy Rodríguez, previously vice president under Maduro, cooperating with the Trump administration. The White House has not announced a timeline for elections [1].
President Donald Trump is actively pressuring U.S. oil and gas companies to invest in Venezuela, which holds some of the world's largest crude reserves [1]. However, industry leaders, including ConocoPhillips (COP) and Exxon Mobil (XOM), have expressed reluctance to return until substantial political reforms are enacted to safeguard private sector investments. Both companies had their assets seized by President Hugo Chavez in 2007 [1].
ConocoPhillips CEO Ryan Lance stated at the conference that the company will not invest in Venezuela until there is a mechanism to recover some of the $12 billion owed from the expropriation of its assets. Lance criticized the recent reform of Venezuela's oil laws under Rodríguez as "woefully inadequate," emphasizing that Venezuela has significant progress to make before it can attract the billions of dollars in investment required to revitalize its oil sector [1].
Lance further highlighted the necessity for physical security, contract guarantees, and policy durability in both Venezuela and the U.S. to ensure a stable investment environment. He questioned the sustainability of U.S. policy toward Venezuela, noting, "What happens when another administration comes in? How are they going to view Venezuela?" [1].
CONCLUSION
While Venezuela's opposition leader Machado is advocating for renewed oil investment, major U.S. companies remain cautious, citing unresolved political and legal risks. The lack of robust reforms and uncertainty about future policy direction are significant barriers to market re-entry. As a result, industry sentiment is negative and investment is likely to remain subdued until greater stability and guarantees are achieved.