BY COMFORT OGBONNA
In a downtown Houston bar, Matthew Goitia, a director at Pelorus Terminals, sketches out an ambitious vision that would have seemed far-fetched just months ago: refurbishing and building marine terminals in Venezuela to blend and export crude oil while shipping chemical products. The plan, which he estimates could cost between $250 million and $1 billion, would involve refurbishing an existing crude oil marine terminal, constructing a new oil facility, and then converting the older terminal to handle chemicals and other products. Additional steps could include adding storage tanks, overhauling docks, and securing reliable power supplies—an undertaking that could take anywhere from three to ten years.
There are still many unanswered questions, including how to obtain U.S. government approval to operate in Venezuela and how much support would be needed from local officials and state oil company PDVSA. Yet those uncertainties have not stopped early ideas from taking shape. Across Houston, the heart of the U.S. oil industry, executives, entrepreneurs, and risk-takers are quietly exploring ways to tap into Venezuela’s vast crude oil reserves, widely considered the largest in the world.
“The small guys are willing to take the risk—Venezuela is the lost world,” Goitia said, noting that he has already spoken with two private equity investors and is lining up meetings with independent wildcatters eager to explore entry into the South American nation. These smaller drillers, accustomed to risking their own capital on unproven prospects, see Venezuela as a once-in-a-generation opportunity.
Less than a month after the U.S. incursion into Caracas to capture President Nicolas Maduro, talk of a new oil rush has energized Houston’s energy circles. President Donald Trump has publicly sought as much as $100 billion in investment to rebuild Venezuela’s deteriorated oil industry, fueling speculation that sanctions could ease and doors could open for American firms.
That excitement is not limited to smaller players. Jeff Miller, chief executive of Houston-based oil services giant Halliburton, told analysts during a recent earnings call that inquiries about Venezuela were pouring in. Halliburton exited the country in 2020 following U.S. sanctions, but Miller said the company is now working to secure licenses that could allow it to return. He also revealed that he participated in a January White House meeting, where he told Trump that Halliburton was “very interested” in resuming operations. Having lived in Venezuela for four years and raised part of his family there, Miller said opportunities could emerge “sooner rather than later.”
Energy experts say the momentum is real but caution that enthusiasm may be outpacing clarity. “There is a lot of initial excitement—everyone wants to be on the move,” said Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute. He noted that the Department of Energy has held meetings with prominent wildcatters, including Continental Resources founder Harold Hamm and Hilcorp Energy founder Jeff Hildebrand, both of whom attended a Venezuela roundtable at the White House in January.
Interest is also spreading beyond Texas. Ali Moshiri, Chevron’s former head for Africa and Latin America and now CEO of Amos Global Energy, said he has spent years preparing for a Venezuela entry and is in early talks to raise as much as $2 billion. He has recently met with potential investors in Houston and New York, though he acknowledged that uncertainty over rules and political stability remains a major hurdle.
“There are two groups of companies,” Moshiri said. “Some are cautious and waiting for reforms and a no-risk scenario, while others are acting like this is another gold rush. Those with long experience in Venezuela are trying to find a middle ground.”
Investment bankers echo that caution. J.P. Hanson, global head of Houlihan Lokey’s oil and gas group, said conversations are happening everywhere, but uncertainty remains a major obstacle. Investors need clarity on asset ownership, legal protections, and the durability of any agreements before committing capital.
In Venezuela, lawmakers have begun debating sweeping reforms to the country’s hydrocarbons law that could allow foreign and local companies to operate oilfields independently under new contract models. If approved, the changes could mark a first step toward loosening the current joint venture framework and attracting independent producers.
Denver has also emerged as a center of Venezuela-related interest after several companies there participated in White House discussions. Executives say the prize is enormous but warn that long-term success depends on durable contracts and confidence-building measures. The Orinoco heavy crude belt alone holds immense potential, and modern technology could unlock resources not reflected in current reserve estimates.
Despite the buzz, major obstacles remain. Trump has told executives they would deal directly with Washington rather than Caracas, but it is still unclear which agencies would oversee licenses, approve deals, or determine when sanctions might be lifted. Any U.S. company seeking to operate in Venezuela currently requires a Treasury Department waiver, and international banks remain barred from financing projects under existing restrictions.
Even so, pressure from Washington is mounting to get moving. Trump and Energy Secretary Chris Wright have signaled urgency, though analysts note that near-term gains in output would most likely come from Chevron, the only U.S. producer currently licensed to operate in Venezuela.
Inside PDVSA, the mood has also shifted. Company officials say interest from foreign firms has surged, with meetings being arranged to discuss production, exports, power supply, and infrastructure. Sanctions continue to hold most companies back, but the anticipation of change is palpable.
Back in Houston, Goitia estimates returns of at least 20% once his terminal projects are fully operational, with the possibility of even higher gains if a larger firm eventually acquires the assets. Nearby, another aspiring developer pitches a $70 million-a-year plan to revive abandoned wells in eastern Venezuela, claiming he could turn it into an $800 million payoff by restoring production to 50,000 barrels per day.
The ambitions may be bold, the risks immense, and the path uncertain—but in Texas oil circles, Venezuela is once again glowing like a modern-day El Dorado.