American officials have conveyed to oil companies that returning to Venezuela is essential for recovering compensation related to expropriations from the 2000s.

In recent weeks, officials from the White House and the State Department have communicated to the directors of major American oil companies that a return to Venezuela and investments in the energy sector are essential conditions for recovering compensation related to expropriated assets over the next two decades. Venezuela expropriated the assets of several international companies in the 2000s, and some, like Chevron, have remained through partnerships with PDVSA, while others, like Exxon Mobil, have resorted to international arbitration.

President Donald Trump stated that American firms are ready to return to Venezuela after the removal of Nicolas Maduro. Officials emphasized that, without Maduro, companies should initially bear the costs of restoring the oil industry, and the recovery of debts could come later. The costs for companies like ConocoPhillips and Exxon Mobil are significant, and the actual return of companies will depend on risk assessment in a country with an unstable history. Although Venezuela has large oil reserves, production has drastically decreased due to poor management and sanctions.