The client calls to law firm partners started rolling in on Saturday afternoon, just hours after U.S. military forces captured Venezuelan president Nicolas Maduro and his wife. U.S. energy clients began talking with their lawyers in large law firms in Texas on how the shifting governance in Venezuela may open up business opportunities in oil-rich Venezuela. Some already predict oil regulatory and deal work ahead, with one lawyer calling it a "tantalizing prospect" for international oil companies. However, several Big Law partners caution that major political, regulatory and infrastructure hurdles remain, following President Trump’s controversial decision to capture Maduro. Dan Mark, a Baker Botts partner in Houston in the global projects practice, said energy industry clients and others are reaching out to Baker Botts lawyers with questions about what to expect in Venezuela in the wake of the U.S. capture of Maduro and his wife, Cilia Flores, early on Saturday. The Maduros were flown to the U.S., and on Monday, both pleaded not guilty to narco-terrorism conspiracy charges in federal court in Manhattan. Mark said there are many uncertainties about the situation in Venezuela, and clients have many questions. The firm's lawyers are trying to read tea leaves to anticipate the impacts on the U.S., Venezuelan, and global energy markets, he said. "You are in the middle of a fog right now. It’s hard for anybody to get a real sense of where things will go," he said. Baker Botts has launched a Venezuela Task Force to advise clients on legal issues related to doing business in the South American country. It includes lawyers who previously held senior leadership roles within the U.S. Departments of Treasury and Energy, along with lawyers who have lived and worked in Venezuela Still, the political situation in Venezuela may create opportunities for U.S. companies in the energy sector as refiners contemplate regaining access to Venezuelan crude oil, and producers consider investing, or reinvesting, in Venezuela's potentially lucrative oil and gas operations. 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. Venezuela has about 17% of the world's proven oil reserves, but production has dropped well below levels reached two decades ago after former President Hugo Chavez seized assets in 2007. Energy giants including ExxonMobil and ConocoPhillips have brought billions in claims against the country. Chevron, one of the largest energy companies in the U.S., is currently producing in Venezuela under special licenses from the U.S. In the short term, Mark said, U.S. refiners may seek to resume processing the heavy crude from Venezuela, but that would require regulatory approval from the U.S. Long-term investment into Venezuela's oil and gas production is something U.S. energy companies are likely to consider, but they may want to "do it differently," he added. Ryan Maierson, a Latham & Watkins partner in Houston who handles energy transactions, said the oil field infrastructure in Venezuela is likely in serious disrepair. Oilfield services companies won’t “run into Venezuela” without guarantees that their employees would be safe and secure, and there is long-term stability in the country so they can get a return on their capital, he said. “It’s all possible over the course of time, but there is not a spigot that can be turned on,” he said. The firm’s lawyers have been calling clients in the industry, asking them how the firm can be helpful. On the front end, he said, the work for lawyers would be largely regulatory and involve teams that face the government. Another factor that could affect clients’ decision whether to invest in Venezuela is oil prices, which have lately hovered below $60 a barrel, which may not be high enough to induce investment. Overall, Maierson said his perspective is that “nothing is going to happen today or tomorrow.” Clients, he said, are in a “wait-and-see mode.” Scott Segal, a co-head of Bracewell's policy resolution group, said in a written statement 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," he wrote. With about 303 billion barrels of proven crude oil reserves, Segal wrote, Venezuela is a "tantalizing prospect" for international oil companies that want to add assets. But production there has declined because of "underinvestment, mismanagement, corruption and infrastructure deterioration," he said, which provides both opportunity and challenges in investing in Venezuela. One barrier to investment is "real ambiguity" about governance in the wake of governance change, Segal added.