The political situation in Venezuela may create opportunities for US companies in the energy sector as refiners and producers consider reentering the country’s oil market. As a result, law firms with large energy practices, many of them in Texas, may see more deals, restructuring and regulatory work in the months and years ahead.

Bracewell’s Scott Segal told The American Lawyer that the firm’s lawyers have seen “significant interest” from clients for information about how the Venezuelan situation affects the oil and gas markets.

“The action in Venezuela marks an unprecedented development in hemispheric relations with potentially far-reaching implications for global energy markets,” Segal said. One barrier to investment is “real ambiguity” about governance in the wake of governance change, he added.