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Venezuela opposition leader María Corina Machado will address oil and gas executives Tuesday, as the industry hesitates to invest in the South American nation after the U.S. ousted former President Nicolás Maduro.
Machado, a Nobel Peace Prize laureate, was blocked in 2024 from running for president in Venezuela by the Maduro regime. She previously served in the National Assembly. Machado leads the opposition movement that seeks a transition to democracy and a market economy in Venezuela.
She will deliver remarks at S&P Global’s CERAWeek conference in Houston, Texas. The gathering draws oil and gas executives and senior government officials from around the world.
The U.S. captured Maduro in a military raid in January, but has left the rest of the regime in place. The Trump administration has praised its cooperation with interim President Delcy Rodríguez, who served as vice president under Maduro. The White House has not set a timeline for elections.
President Donald Trump is pressuring U.S. oil and gas companies to invest in Venezuela, which posseses some of the largest crude reserves in the world.
Industry leaders are skeptical. ConocoPhillips and Exxon Mobil have made clear they will not return until major political reforms are implemented to protect private sector investments. The companies had their assets seized by President Hugo Chavez in 2007.
Conoco will not invest until there is way to recover some of the $12 billion that Venezuela owes the company from the expropriation of its assets, CEO Ryan Lance said Tuesday. The recent reform of Venezuela’s oil laws under Rodríguez are “woefully inadequate,” Lance said.
“They have a long ways to go to make make the country competitive globally to attract the kinds of billions of dollars of investments that are going to be required,” Lance said at CERAWeek.
It will require not only physical security and contract guarantees but also policy durability in Venezuela and the U.S., the CEO said.
“You need need policy durability — not only the Venezuelan side but the U.S. side,” Lance said. “What happens when another administration comes in? How are they going to view Venezuela?”
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