07:28 AM EST, 01/05/2026 (MT Newswires) -- US officials have told oil executives that companies would need to return to Venezuela quickly and commit significant investment to revive the country's oil sector if they want compensation for assets expropriated two decades ago, Reuters reported Sunday, citing people familiar with the matter.

White House and State Department officials said US oil companies would be expected to front the investment needed to rebuild Venezuela's damaged oil industry before any recovery of past claims, according to the report.

Venezuela seized assets from some international oil companies in the 2000s after they declined to grant greater operational control to state-run PDVSA, Reuters said.

Chevron ( CVX ) negotiated to remain in the country through joint ventures, while Exxon Mobil ( XOM ) and ConocoPhillips ( COP ) exited and pursued arbitration, the report said.

ConocoPhillips ( COP ) has sought to recover about $12 billion linked to the nationalization of its Venezuelan assets, while Exxon Mobil ( XOM ) has pursued roughly $1.65 billion, according to the report.

Exxon Mobil ( XOM ) and ConocoPhillips ( COP ) did not immediately respond to MT Newswires' request for comment.

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