ConocoPhillips Dismisses Venezuela Oil Law Changes as Insufficient

ConocoPhillips CEO Ryan Lance stated on May 21 that Venezuela’s new hydrocarbon framework is unlikely to attract foreign investment, citing a potential 95% government take under revised royalties, taxes, and arbitration terms. The comments follow Venezuela’s May 19 push to lure majors back by allowing international arbitration and reporting April exports at a seven-year high of 1.23 million barrels per day. Earlier in the period, Caracas moved on May 14 to halt the $5.9 billion Citgo sale, arguing its value had surged to $15.1 billion amid a 50% oil-price spike after U.S.-Israeli strikes on Iran, while the deportation of Maduro ally Alex Saab underscored ongoing U.S. enforcement pressure on Venezuelan oil channels.