By COMFORT OGBONNA
Venezuelan opposition leader and Nobel Peace Prize winner Maria Corina Machado said Thursday that long-term investment in the country’s struggling oil industry will require political stability and a credible democratic government.
Machado’s comments came a day after several international energy companies announced agreements to expand their operations in Venezuela, in a series of deals aimed at helping revive an industry that has suffered years of declining production, economic turmoil and political uncertainty.
Companies including Eni, GE Vernova and Chevron committed to expanding energy projects in Venezuela during a signing ceremony attended by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright.
The agreements represent a growing effort by international companies to participate in the recovery of Venezuela’s energy sector. The country currently produces about 1.25 million barrels of oil per day, well below its peak production of roughly 3 million barrels per day in the late 1990s.
Machado welcomed greater international involvement but warned that investment alone would not be enough to restore Venezuela’s oil industry to its full potential.
“The United States is the principal partner Venezuela needs to fully develop its strategic potential,” Machado said in a video message posted Thursday.
She argued that Venezuela must provide investors with conditions that encourage sustained, long-term commitments, including profitability, legal certainty and security.
“We need to attract capital and sustained, long-term investment under conditions that provide profitability, certainty and security, while delivering a real reduction in Venezuela’s country risk,” Machado said.
She added that such conditions could only be established through a government with democratic legitimacy and the political stability necessary to give investors confidence.
Machado’s comments reflect a broader debate over the future of Venezuela’s oil sector and the political conditions surrounding the country’s efforts to attract foreign investment.
The latest energy agreements are separate from an arrangement between Caracas and Washington that gives the United States access to 17 Venezuelan oil fields. U.S. officials have described their broader energy strategy as an effort to rebuild Venezuela’s oil industry while increasing access to additional supplies of crude for American and international markets.
The developments have also strengthened the relationship between Washington and the Venezuelan opposition leader, who has spent years cultivating ties with senior U.S. officials.
Machado has been outside Venezuela since late last year after spending an extended period in hiding. She later left the country to receive the Nobel Peace Prize.
Her political movement has maintained that Venezuela’s 2024 presidential election was won by opposition candidate Edmundo Gonzalez, while Venezuelan electoral authorities and the country’s top court declared Nicolas Maduro the winner.
The political situation changed dramatically in January, when the Trump administration removed Maduro from power in a U.S. military operation. Rodriguez, who had previously served as Maduro’s vice president, subsequently became interim president.
Machado has continued to advocate for a transition to democratic government and has argued that Venezuela’s economic recovery must be accompanied by political reforms.
The Trump administration has defended its approach to Venezuela’s oil industry, with senior U.S. officials arguing that American involvement can help rebuild the country’s energy infrastructure and bring greater stability to a nation devastated by years of economic mismanagement and corruption.
Secretary of State Marco Rubio, who has maintained close ties with Machado, has also supported the administration’s energy strategy while arguing that Venezuela is not yet prepared for immediate elections.
President Donald Trump said Wednesday that elections could take place in the future but suggested that the country needed more time following the political transition.
“I just don’t think they’re ready yet,” Trump said, describing the changes in Venezuela as relatively recent. He also praised Rodriguez and indicated that elections could eventually take place.
Vice President JD Vance said Thursday that the U.S.-Venezuela energy agreement could benefit both countries by increasing global oil supplies and potentially reducing gasoline prices for American consumers.
Vance also said that Venezuelans would receive a significant share of the revenue generated from the oil arrangements and suggested that American interests could also benefit through royalty payments.
However, he did not provide a specific timeline for the implementation of the broader agreement or explain how the revenue would be divided.
Machado said important details surrounding the agreement remained unclear. She questioned who was formally signing the deal, what guarantees were being offered to investors and what direct benefits Venezuelan citizens could expect from the arrangement.
The uncertainty surrounding the political and economic transition presents a significant challenge for companies considering major investments in Venezuela.
The country’s oil industry has enormous reserves and remains the backbone of its economy, but years of underinvestment, sanctions, operational problems and political instability have severely weakened production capacity.
International energy companies now face the challenge of determining whether Venezuela can provide a stable environment for the billions of dollars in investment needed to restore its aging infrastructure and increase production.
For Machado, the issue goes beyond the immediate revival of oil production. She argues that Venezuela needs institutions capable of protecting investments, enforcing agreements and providing predictable rules over the long term.
Her call for a democratic government comes as international companies move back into Venezuela’s energy sector and Washington seeks to reshape the country’s oil industry.
The success of the investment drive will ultimately depend on whether Venezuela can establish the political stability, economic conditions and legal protections required to attract sustained foreign capital.
Machado said the country’s partnership with the United States could play a crucial role in that process, but insisted that lasting economic recovery would require legitimate and stable democratic institutions.
The competing claims over the 2024 election remain central to Venezuela’s political dispute, with opposition leaders maintaining that the official result did not reflect the will of voters. The controversy continues to shape the country’s transition and could influence future elections, investment decisions and relations with foreign governments.
As international companies begin committing new resources to Venezuela’s oil sector, the country’s political future and ability to provide a predictable investment environment will remain closely tied to the prospects for a broader economic recovery.
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