Oil companies are showing renewed interest in Venezuela's energy sector as concerns over Middle East supply disruptions reshape global investment calculations, according to industry officials, attorneys and consultants familiar with ongoing negotiations cited in a new sprawling report by POLITICO.
The shift comes after months of hesitation following the U.S.-backed removal of Nicolás Maduro in January and the Trump administration's subsequent effort to encourage foreign investment in Venezuela's oil industry.
Industry sources told POLITICO that companies are increasingly moving beyond preliminary discussions and toward binding agreements to develop Venezuelan oil fields.
One factor driving the change is uncertainty surrounding energy supplies from the Persian Gulf following recent fighting involving the United States, Israel and Iran. "You see this view industry-wide, right or wrong, that there's a long-term disruption going on all over the market," Jason Bennett, global projects director at Baker Botts said. Venezuela is "looking pretty good right now, despite their historical problems."
Industry officials say companies are holding discussions with the White House and Venezuela's state oil company, PDVSA, regarding specific oil fields. Several smaller firms have already signed non-binding memorandums of understanding, while administration officials have indicated larger contracts could soon follow.
According to Caracas-based consultant Elias Ferrer, interim President Delcy Rodríguez's government has allowed companies to effectively reserve oil fields while negotiations continue. "It's first-come, first-serve," Ferrer said. "That's why everyone wants to come in and ask for a field before someone else is going to get it."
The growing interest builds on a strategy outlined earlier this year by White House energy officials. During a May visit to Caracas, National Energy Dominance Council Executive Director Jarrod Agen said the administration was focused on creating economic stability first, while leaving questions about democratic elections for a later phase.
Agen said at the time that interest from U.S. companies had increased significantly as sanctions waivers opened the door for new negotiations.
The investment push, however, has drawn criticism from some analysts and Venezuelan opposition supporters. A recent analysis published by the Council on Foreign Relations argued that Washington has prioritized economic engagement while offering little transparency about how revenues from Venezuelan oil exports are being managed.
The report also warned that closer cooperation with Rodríguez's government risks strengthening existing power structures without securing concrete commitments toward democratic reforms or elections.
