Why does ConocoPhillips CEO Ryan Lance say Venezuela’s new oil law fails to attract foreign investment?

Ryan Lance stated that Venezuela’s current hydrocarbon law is insufficient because it allows a government take of up to 95%—including royalties of up to 30%, taxes and levies of up to 15%, and other state claims—making it unattractive for investment; he explicitly said, 'A 95% government take will not do it. So obviously they have a lot more work to do on their side of the equation.'

What historical precedent does ConocoPhillips cite when evaluating Venezuela’s proposed oil contract?

ConocoPhillips CEO Ryan Lance said the proposed contract 'looks a lot like what we had before we got expropriated in 2007'—a reference to the nationalization of $12 billion in ConocoPhillips’ holdings under Hugo Chávez—and concluded, 'It doesn’t look like it’s anywhere near what it needs to.'

ConocoPhillips Says Venezuela’s Bid to Woo Oil Firms Falls Short

May 21, 2026

ConocoPhillips CEO Ryan Lance criticized Venezuela's revised oil laws as uncompetitive due to excessive government levies hindering foreign investment. US officials are urging Venezuela to adjust policies to revive its oil and mining industries.

bloomberg

2026-05-21

ConocoPhillips Says Venezuela’s Bid to Woo Oil Firms Falls Short

ConocoPhillips Says Venezuela’s Bid to Woo Oil Firms Falls Short

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