ConocoPhillips evaluates oil opportunities in Venezuela

ConocoPhillips announced on Thursday that it will send a small team to Venezuela this week to assess oil and gas prospects.

The U.S. The?U.S. oil producer left South America?in 2007, after its assets were nationalized. Arbitration awards stemming from the expropriations have awarded the company a?about 12 billion dollars with interest.

ConocoPhillips has said that it will assess potential new Venezuelan investments while it works to recover what it owes.

Donald Trump, the U.S. president, has called on oil companies to invest billions in Venezuela's energy industry after American forces ousted President Nicolas Maduro in January. Exxon Mobil, the top U.S. oil company - which left the country in 2007, sent a team to assess the infrastructure and investment possibilities.

ConocoPhillips CEO Ryan Lance stated last month that Venezuela needed to "completely reform" its fiscal system in order to attract new investment. He called recent reforms as "woefully insufficient." Sheila Dang, Houston; Nathan Crooks and Rod Nickel edited the story.

(source: Reuters)