With enthusiastic encouragement from the Trump administration, companies are considering opportunities in oil, mining and other core resource sectors in Venezuela despite continuing political and compliance risks. In this first article of a two-part series, Miller & Chevalier members Matteson Ellis and James Tillen, with counsel Collman Griffin and visiting law clerk Angelo Márquez, examine why Venezuela is attractive to businesses and outline two of the principal risks companies face. The second installment will examine some additional areas of risk and present practical mitigation strategies, from pre-investment diligence to operational controls. For more from Miller & Chevalier, see “How the U.S. Focus on Cartels and Transnational Criminal Organizations Impacts Multinationals in Mexico” (Jul. 2, 2025).