May. 1 at 2:47 AM
Major U.S. oil companies are taking a renewed interest in Venezuela after years of avoiding the country, as higher oil prices and a more pragmatic policy environment reopen the door to potential investment.
Exxon Mobil and ConocoPhillips—both previously affected by asset nationalizations—have recently dispatched technical teams to evaluate the condition of Venezuela’s vast but deteriorated oil infrastructure and assess the feasibility of reentry. Their renewed attention reflects both the scale of untapped reserves and the potential upside if operating conditions improve.
In Caracas, industry representatives—including engineers, lawyers, and dealmakers—have been meeting local officials and pitching plans to revive aging oil fields. Discussions have taken place with senior government figures such as Delcy Rodríguez, who appears receptive to foreign involvement as Venezuela seeks to rebuild production capacity.
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