Los riesgos de inversión y las realidades estratégicas de reingresar al mercado petrolero venezolano

The re-entry of U.S. energy firms into Venezuela's oil sector has emerged as a focal point of geopolitical and economic debate following the dramatic political and sanctions-related shifts in late 2025 and early 2026. With the U.S. government's capture of President Nicolás Maduro on January 3, 2026, and subsequent pledges to ease sanctions, the question of whether major oil companies like Chevron, ExxonMobil, and ConocoPhillips will commit to Venezuela's energy infrastructure remains fraught with uncertainty. This analysis evaluates the viability of such investments, balancing the allure of Venezuela's vast oil reserves against the persistent risks of political instability, legal ambiguity, and operational challenges.

U.S. Sanctions and Political Shifts: A Tenuous Opening

The Trump administration's intervention in Venezuela has created a fragile window for foreign investment. Secretary of the Treasury Scott Bessent announced plans to lift additional sanctions to facilitate oil sales and economic recovery, including enabling the repatriation of oil proceeds stored on tankers and easing access to international financial institutions like the IMF. However, these measures are conditional on Venezuela's interim government complying with U.S. demands, a scenario that remains uncertain. Vice President Delcy Rodríguez, now interim president, has rejected U.S. control, signaling a potential standoff that could delay meaningful reforms.

The U.S. has also asserted ownership over Venezuelan oil exports, declaring an oil blockade and seizing tankers to assert leverage. While this strategy aims to stabilize the Western Hemisphere and counter Russian and Chinese influence, it has disrupted global supply chains, particularly for China, which now faces challenges in repaying debts tied to Venezuelan oil. For U.S. firms, the promise of sanctions relief is tempered by the reality that infrastructure and political stability must first be secured-a process requiring tens of billions of dollars and over a decade.

Strategic Considerations for U.S. Oil Companies

Chevron, the only major U.S. firm still operating in Venezuela, is positioned to scale up production if sanctions are fully lifted. However, even Chevron's CEO Mark Nelson has emphasized that near-term increases are limited without broader investment. ExxonMobil and ConocoPhillips, meanwhile, have taken a more cautious approach. Exxon's CEO Darren Woods recently described Venezuela as "uninvestable" under current conditions, citing the need for legal and commercial reforms to protect future assets. The company's $12 billion in arbitration claims-stemming from past expropriations- could only be resolved in a stable political environment, a scenario that remains speculative.

The operational challenges are equally daunting. Venezuela's heavy crude requires specialized diluents for transport, a supply chain disrupted by U.S. sanctions on traditional providers like Iran and Russia. While the U.S. has offered to supply these diluents, policy clarity and exemptions are still pending. Additionally, global oil prices in 2025 hover around $55 per barrel, a level that reduces the incentive for high-cost investments in a market already oversupplied.

Geopolitical and Market Implications

The U.S. intervention has broader implications beyond Venezuela. By asserting control over oil exports, the administration has tested the dollar's safe-haven status, particularly as global markets grapple with oversupply. This has also spurred increased demand for gold as a hedge against uncertainty. For regional players like Cuba, Curaçao, and Trinidad, Venezuela's oil disruptions could exacerbate energy insecurity. Meanwhile, China's access to Venezuelan oil-a critical component of its energy strategy- has been severely curtailed, potentially reshaping Sino-U.S. economic dynamics.

Challenges and Risks: A High-Stakes Gamble

The primary barrier to investment remains political instability. Even with Maduro's removal, the interim government's resistance to U.S. demands and the absence of a clear transition plan create a volatile environment. As noted by CSIS, "a credible path to political stability is indispensable" for attracting foreign capital. Without such stability, companies face risks of asset seizure, regulatory reversals, and reputational damage.

Legal frameworks also remain a concern. Venezuela's hydrocarbon laws, which historically favored state control, would need significant revisions to protect foreign investors. The U.S. military may initially secure infrastructure, but long-term stability must be achieved domestically. This transition period could span years, during which companies would bear substantial operational and financial risks.

Conclusion: Strategic Realities and the Path Forward

While Venezuela's oil reserves represent a tantalizing opportunity, the strategic realities of re-entry are complex. U.S. energy firms must weigh the potential rewards against the likelihood of prolonged instability, high infrastructure costs, and geopolitical risks. The Trump administration's assurances of "total safety and security" may not suffice to overcome historical grievances or current uncertainties. For now, the sector remains a high-risk, high-reward proposition, with outcomes hinging on the pace of political normalization and the willingness of companies to navigate a fraught landscape.

Until Venezuela's political transition is firmly established and legal protections for investors are codified, major commitments from U.S. firms are unlikely. The coming months will be critical in determining whether this window of opportunity can be transformed into a sustainable investment environment-or whether it will remain a cautionary tale of geopolitical ambition and economic pragmatism.