HOUSTON, March 24 (Reuters) - Venezuela needs to

"completely rewire" its fiscal system to attract new investment,

ConocoPhillips ( COP ) 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.