ConocoPhillips Visits Venezuela to Evaluate Oil Opportunities 

ConocoPhillips said on Thursday it is sending a small evaluation team to Venezuela this week to evaluate oil and gas opportunities.

The U.S. oil producer left the South American country in 2007 after its assets there were nationalized. The company is owed about $12 billion with interest following arbitration awards stemming from the expropriations.

ConocoPhillips said it will evaluate potential new Venezuela investments as it works to collect what it is owed.


Get the Latest US Focused Energy News Delivered to You! It’s FREE:


U.S. President Donald Trump has urged oil firms to spend billions and rebuild Venezuela’s energy sector after American forces removed President Nicolas Maduro in January. Top U.S. oil major Exxon Mobil – which also exited the country in 2007 – sent a technical team last month to evaluate the infrastructure and investment opportunities.

ConocoPhillips CEO Ryan Lance said last month that Venezuela needed to “completely rewire” ​its fiscal system to attract new investment and called recent reforms “woefully inadequate.”29dk2902l

(Reporting by Sheila Dang in Houston; Editing by Nathan Crooks, Rod Nickel)

Share This:


More News Articles

 

  • Related Posts

    Occidental’s Quarterly Realized Oil Prices Jump Amid Iran War Disruption

    (Reuters) – Shale producer Occidental Petroleum  said in a filing on Friday its worldwide average ​realized oil prices rose 38.4% in ‌the second quarter compared with the previous three months, driven…

    US Pain at the Pump Worsens After More US-Iran Fighting Lifts Oil Prices

    Summary Get the Latest US Focused Energy News Delivered to You! It’s FREE: AAA data showed average US gasoline prices rose 6 cents this week to $3.88 a gallon Friday…

    Have You Seen?

    US Pain at the Pump Worsens After More US-Iran Fighting Lifts Oil Prices

    • July 11, 2026
    US Pain at the Pump Worsens After More US-Iran Fighting Lifts Oil Prices

    Occidental’s Quarterly Realized Oil Prices Jump Amid Iran War Disruption

    • July 11, 2026
    Occidental’s Quarterly Realized Oil Prices Jump Amid Iran War Disruption

    Advanced Simulations Offer New Insights into Grid-Scale Battery Aging

    • July 11, 2026
    Advanced Simulations Offer New Insights into Grid-Scale Battery Aging

    US Energy Firms Add Rigs for Fourth Week in a Row, Says Baker Hughes

    • July 11, 2026
    US Energy Firms Add Rigs for Fourth Week in a Row, Says Baker Hughes

    Oil Prices Settle Lower on Hopes for Smoother Shipping in Strait of Hormuz

    • July 11, 2026
    Oil Prices Settle Lower on Hopes for Smoother Shipping in Strait of Hormuz

    US Issues Fresh Iran-Related Sanctions, Website Shows

    • July 11, 2026
    US Issues Fresh Iran-Related Sanctions, Website Shows

    IEA Cuts Russia’s Oil Production Forecast Due to Ukrainian Attacks

    • July 10, 2026
    IEA Cuts Russia’s Oil Production Forecast Due to Ukrainian Attacks

    US Natgas Falls 4% to 8-Week Low on Milder Weather Outlook, Lower LNG Export Flows

    • July 10, 2026
    US Natgas Falls 4% to 8-Week Low on Milder Weather Outlook, Lower LNG Export Flows

    Helium projects need partnerships from ‘day one’ to meet global deficit

    • July 10, 2026
    Helium projects need partnerships from ‘day one’ to meet global deficit

    Oil Prices Set for Weekly Gain as Hormuz Tensions Escalate

    • July 10, 2026
    Oil Prices Set for Weekly Gain as Hormuz Tensions Escalate