ConocoPhillips sent a team to Venezuela to “evaluate” oil opportunities
The US oil company ConocoPhillips sent a team of professionals to Venezuela this week to evaluate oil opportunities
TL;DR
- ConocoPhillips sent a team to Venezuela to evaluate oil and gas opportunities.
- The company left Venezuela in 2007 after nationalization of private assets.
- ExxonMobil also recently sent a team to assess potential return to Venezuela.
- U.S. energy companies are cautious about investing due to political and economic instability.
- Key conditions for return include political stability, a representative government, and fiscal system reform.
- Venezuela owes ConocoPhillips approximately $12 billion, largely from an arbitration award.
- Venezuela possesses the world's largest proven crude oil reserves.