ConocoPhillips Seeks Sanctions Relief to Unlock 1 Million BPD in Venezuela
ConocoPhillips CEO Ryan Lance urged lifting US sanctions to invest in Venezuela’s 9.9 billion-barrel reserves and restore up to 1 million barrels per day of capacity. He highlighted an unresolved $7.2 billion arbitration award from 2007 expropriations as a key catalyst for re-engagement.
1. CEO Pushes for Sanctions Relief
ConocoPhillips CEO Ryan Lance delivered a strong message that US sanctions on Venezuela should be lifted to enable the company to deploy capital into the country’s oil sector. He argued that easing restrictions would allow ConocoPhillips to revisit legacy holdings and participate in development of Venezuela’s proven reserves.
2. Investment and Production Outlook
Lance pointed to an outstanding $7.2 billion arbitration award from PDVSA’s 2007 expropriation of ConocoPhillips assets as a major incentive for policy makers. He estimated that, with sanctions relief and targeted investment, Venezuela could recover up to 1 million barrels per day of production from its 9.9 billion barrels of reserves within five years.