CERAWEEK-Venezuela needs to "rewire" fiscal system to attract investment, ConocoPhillips CEO says

ReutersMar 24, 2026 3:46 PM

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By Sheila Dang

HOUSTON, March 24 (Reuters) - Venezuela needs to "completely rewire" its fiscal system to attract new investment, ConocoPhillips CEO Ryan Lance said on Tuesday at the CERAWeek conference in Houston, underscoring the challenges facing the country's oil industry in the wake of President Nicolas Maduro's capture in January.

Lance called a new hydrocarbon law in the OPEC-member country "woefully inadequate" and said the country needed to guarantee contract durability to attract large-scale investment.

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