New York, NY – May 1 , 2026 – Exxon Mobil Corp. and ConocoPhillips Co., two of the biggest U.S. oil companies that largely wrote off Venezuela after years of political upheaval, nationalizations and crushing sanctions, are quietly returning to the South American nation to evaluate whether its vast reserves can once again become part of their global portfolios.
Executives familiar with the matter say both companies recently dispatched technical teams to assess the condition of legacy projects and gauge the potential for reviving output in one of the world’s largest oil basins. The moves come as global crude prices hover near multi-year highs and Venezuela’s government introduces new investor-friendly laws aimed at attracting foreign capital back to its struggling energy sector.
Chevron Corp., which has maintained a limited presence in the country through a sanctions license, has moved more aggressively. The company has expanded its operational footprint in recent months and is preparing plans to significantly boost production if conditions allow, according to people briefed on the discussions.
The renewed interest marks a striking reversal from the early 2020s, when U.S. majors largely exited or scaled back dramatically amid the Maduro regime’s economic collapse, hyperinflation and U.S. sanctions that froze assets and barred most dealings. Venezuela’s proven reserves remain among the largest on the planet, but output has plummeted to a fraction of its former levels because of underinvestment, aging infrastructure and political risk.
High oil prices have changed the calculus. Brent crude has climbed above $100 a barrel in recent weeks amid Middle East tensions, making even costly Venezuelan heavy crude more economically viable. At the same time, Caracas has passed legislation offering improved fiscal terms, streamlined permitting and greater legal protections for foreign investors — steps analysts say are designed to signal a more pragmatic approach to international capital.
Venezuela’s acting president, Delcy Rodríguez, has personally met with senior U.S. oil executives in recent weeks to discuss potential cooperation, according to officials on both sides. The talks have focused on technical assessments, joint-venture structures and the possibility of gradual sanctions relief tied to verifiable increases in production.
Still, caution prevails. Many executives and analysts expect any major new capital commitments to wait until after credible democratic elections and clearer political stability. “No one wants to bet billions on a handshake when the political landscape could shift again,” said one senior energy executive who has been involved in the preliminary talks.
The tentative thaw reflects a broader recalibration across the industry. With global demand for oil remaining robust and new supply sources facing their own delays and costs, Venezuela’s untapped potential has once again drawn boardroom attention — even if the risks remain formidable.
For Exxon and ConocoPhillips, which together once operated some of the country’s most productive fields before being forced out, the current visits represent low-cost, high-upside optionality. Technical teams are evaluating reservoir integrity, infrastructure needs and the economics of restarting dormant projects.
Chevron, already producing modest volumes under its existing license, sees an opportunity to scale up faster. The company has signaled internally that it could add tens of thousands of barrels per day if regulatory hurdles ease further.
Whether these scouting missions translate into large-scale investment will depend on several variables: the pace of political reform in Caracas, the trajectory of U.S. sanctions policy under the current administration, and sustained high oil prices that justify the considerable capital required to rehabilitate Venezuela’s battered oil infrastructure.
For now, the message from the oil majors is measured optimism. After years of writing Venezuela off the map, the world’s biggest energy companies are once again taking a serious second look.
JbizNews Desk Energy
