ConocoPhillips (COP) said Thursday it has sent a team to Venezuela to evaluate the prospects for a return to oil and gas drilling in the country nearly two decades after billions of dollars in assets there were nationalized.
The effort makes ConocoPhillips (COP) just the second major U.S. oil producer to publicly disclose an on-the-ground inspection in Venezuela, after Exxon Mobil, which also left the country after its assets were seized, said last month it dispatched a team to assess opportunities there.
"We will evaluate Venezuela against other international opportunities as part of our disciplined investment framework," ConocoPhillips (COP) said.
CEO Ryan Lance has been telling investors his main priority is recouping ~$12B it is owed with interest following arbitration awards stemming from the expropriations in 2007.
"We're trying to be constructive and help the administration think through what's needed to incentivize the investments that will go into Venezuela," Lance said last month at the CERAWeek by S&P Global conference in Houston. "We have to see what's the pathway to starting to recover some of what's owed us."
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