Stability, fair fiscal terms needed in Venezuela, Russia to see investors return, Conoco says

It could ​take at ​least a decade and ‌tens of ​billion dollars in investment for Venezuela to recover its ‌oil industry and approach crude production levels it had years ago, ConocoPhillips' chief economist Helen Currie ‌said at a conference on Tuesday. "Real stability" ‌and "reasonable fiscal terms" are among the essential elements needed in countries seeking to recover after years of energy ⁠sanctions, ​including ⁠Russia and Venezuela, to see western oil investors return, Currie ⁠added.

"There's a long-time horizon for Venezuela to ​recover, to be the volume or magnitude of ⁠global oil producer that it was," she said at ⁠a ​conference organized by Rice University's Baker Institute. "And the clock doesn't even really begin ⁠until there is a stable and transparent fiscal regime, ⁠set ⁠of fiscal terms, and legal durable legal system in place."