Can Venezuela's Oil Sector Be Rebuilt After Maduro?

Energy attorney Jim Noe was featured in a Q&A with The Dialogue's Energy Advisor on the future of Venezuela's oil and gas industry and the possibility of a rebuild in a post-Maduro environment. President Donald Trump met with executives at major oil companies on January 9, 2026, to discuss the situation in the South American country, highlight areas of concern and brainstorm solutions to restore production. Mr. Noe reported that industry leaders cited political uncertainty, the role of state-owned oil company Petróleos de Venezuela S.A. (PDVSA) and compliance with international sanctions among their top concerns, along with the need for security for U.S. enterprises operating in the region. He underscored that a complete restoration to prior production levels of 3 million to 4 million barrels per day requires consistent, substantial investment combined with a sustained push for wellhead and pipeline repairs. Despite these challenges, he reiterated, interest in Venezuela remains high as companies assess the investment landscape and look to enter the country's potentially lucrative oil and gas market, though most are content to adopt a wait-and-see approach for the time being.

"Many multinational companies have a history of success in the country, and its proximity to the United States continues to be attractive," he explained. "For now, most companies are expected to wait for greater clarity on political and economic conditions before making investment decisions, with established Venezuelan partners to play a key role as the situation develops."

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