U.S. oil companies are still taking a careful approach toward Venezuela’s oil sector, even after recent political shifts and renewed discussion about reopening investment. The main concerns remain legal uncertainty and the extremely high cost of repairing infrastructure that has been neglected for years due to sanctions and underinvestment.
At the same time, oilfield service companies such as Halliburton, SLB, and Baker Hughes are preparing to move quickly. Restarting and increasing production would require major work on wells, pipelines, and processing facilities, creating immediate demand for their services. These companies see near-term opportunities even while large producers stay on the sidelines.
Overall, big producers are waiting for stronger legal guarantees and long-term stability before committing large amounts of capital, while service firms are positioning themselves to benefit early from any rebuilding effort. This contrast shows just how complex — and potentially massive — Venezuela’s oil comeback could be.
