In a crowded ballroom in downtown Houston on Tuesday night, Venezuelan opposition leader and Nobel Peace Prize winner María Corina Machado laid out her vision for her country’s future.
She promised open markets and a peaceful transition of power as she addressed global energy leaders at CERAWeek by S&P Global, an annual energy conference in Houston.
"We welcome foreign investment," she said. "We understand that this is the path to rebuilding our country."
It's been nearly three months since the United States seized Venezuelan President Nicolás Maduro. The Trump administration has been encouraging U.S. companies to invest in Venezuela's oil resources.
"There's a lot to be done in Venezuela," U.S. Secretary of Energy Chris Wright said during CERAWeek on Monday. "But if you're one of the leaders of Venezuela right now, you want to make sure you're onsides with the United States."
As top oil executives and government officials from around the world gather in Houston for the conference, the future of Venezuela has been a key part of some of their conversations.
On Tuesday, Machado said the South American country has abundant resources, low production costs and the right institutional infrastructure to make it an attractive place for energy investors.
"For decades, all this potential was locked away because of ideology and corruption," she said. "That time is ending."
But many of the United States' major oil companies are hesitant to get involved in Venezuela.
Chevron is the only American oil producer still operating in Venezuela. Its CEO Mike Wirth said there's "decades’ worth" of opportunity for investment in Venezuela, but it will take time to ramp up production.
RELATED: Texas refineries see opportunity in Venezuelan oil amid Mexico export declines
Other U.S. energy executives, like Shell CEO Wael Sawan, are taking a cautious approach to involvement in Venezuela.
"The key will now be to be able to bring robust technical plans to the country, and importantly for the country to continue on the progress they are making," he said in remarks at the energy conference.
ConocoPhillips CEO Ryan Lance also offered a more hesitant response. The Venezuelan government took possession of the company's assets in the country in 2007.
"We have to see what's the pathway to trying to recover some of what's owed us," he said during a conference session.
RELATED: Protesters march in downtown Houston to oppose CERAWeek on first day of 2026 energy conference
Machado criticized Venezuela's state-owned oil and gas company, PDVSA, and called for the industry's privatization.
Right now, she said, the country produces about a million barrels of oil per day. But with the right investment, that number could increase to 5 million barrels a day, she added.
"Reaching that potential certainly requires a lot of resources, which we estimate above $150 billion in the next 10 years," she said.
Machado said with democratic elections potentially on the horizon, she believes the country can follow through on a more stable future.
"That is why our transition will be orderly, because it’s being driven, protected, and sustained by the Venezuelan people themselves," she said.
Copyright 2026 Houston Public Media News 88.7
