U.S. oil executives are streaming into Venezuela, signaling a dramatic shift in sentiment as rising crude prices and political changes reopen one of the world's largest energy reserves to foreign investment.
At the JW Marriott Caracas, engineers and executives have been meeting with Venezuelan officials, including acting president Delcy Rodriguez, to discuss reviving the country's struggling oil sector.
"It was unmistakable, the sense of impending opportunity," Jon Hughes of Petrie Partners told The Wall Street Journal. "There were so many Americans meeting with so many Venezuelans. Both sides are engaged in a constructive way, with a shared vision of making things function better and getting production up."
Major companies such as Exxon Mobil and ConocoPhillips, once wary of Venezuela's political and legal risks, have recently sent teams to assess potential projects.
Neither has committed investment, but their renewed interest marks a sharp turnaround after Exxon previously labeled the country "uninvestable."
The shift comes as oil prices have surged more than 80% this year to about $105 per barrel, partly driven by global instability tied to tensions involving Iran.
Analysts say supply disruptions could persist, making Venezuela's vast reserves increasingly attractive at a time when global markets are seeking reliable sources of crude.
Venezuela holds the world's largest proven oil reserves, but years of nationalization, U.S. sanctions and underinvestment have sharply reduced production from its peak more than a decade ago.
Output has only recently begun to stabilize after limited policy changes allowed some foreign participation, though the sector remains far below historical levels.
The renewed activity also follows signals from U.S. officials encouraging engagement as part of a broader effort to expand energy supply and counter global volatility.
Energy adviser Jarrod Agen visited Caracas this week, promoting new commercial ties.
"How do you get the employees down here? How do you get executives down here?" he said, citing the resumption of direct flights by American Airlines as key to boosting investment.
Despite the optimism, companies remain cautious after Venezuela nationalized foreign assets nearly two decades ago, triggering legal disputes that are still ongoing.
"To me, it's a long game," said investor Bryan Sheffield.
Executives say recent regulatory reforms are promising but not yet sufficient to unlock the scale of investment needed to fully revive the industry.
"It still needs some work," said Mike Wirth. "It's probably not enough to bring in the level of investment that would be desirable."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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