Venezuela Oil Draws Interest After Maduro Capture

Venezuela's oil industry is attracting renewed international interest following the U.S. capture of former President Nicolás Maduro in January, as executives from major energy companies urge further legal reforms to secure billions in investments needed to revive the sector.

At the CERAWeek energy conference in Houston this week, leaders from ConocoPhillips and Chevron highlighted progress in production but emphasized the need for a more robust framework to encourage large-scale commitments. ConocoPhillips CEO Ryan Lance stated that Venezuela must overhaul its fiscal system and ensure contract durability to draw significant capital, noting the country owes his company $12 billion from the 2007 expropriation of its assets. Chevron CEO Mike Wirth reported that his firm's output in Venezuela has risen to about 250,000 barrels per day, representing a quarter of the nation's total crude production of roughly 1 million barrels daily. However, Wirth added that the recent hydrocarbon law reform, approved by Venezuela's National Assembly in January, remains too broad and lacks specific incentives, such as access to international arbitration for disputes.