Oil executives and investors are starting to talk seriously again about Venezuela, drawn by its massive oil reserves and signals from the Trump administration that it wants U.S. companies back in the game, even though sanctions and political risk are still very real.

There’s a lot of excitement, especially in Houston, but also plenty of hesitation. Companies say they won’t put real money on the line without clear rules, solid contracts, and confidence that Washington and Caracas won’t change the terms halfway through the deal.