French energy firm Maurel & Prom has announced drilling operations in Venezuela's Lake Maracaibo, signaling renewed interest in the once-prolific oil region. Private jets now carry executives to the city as property prices jump, following the US-backed leadership change that overturned hostile relations with Washington and passed a new hydrocarbons law allowing private operations.

Major companies including Repsol, Eni and Shell have secured agreements with Venezuela, which can now export crude to the US at market rates potentially double the ~$52/b China price. The surge in oil prices due to the US-Israeli conflict creates favorable conditions, though analysts estimate more than $100 billion investment would be needed for full recovery.

Production expectations have climbed to about 1.4mn b/d this year, with Chevron boosting its joint ventures with PDVSA to approximately 240,000 b/d. Despite early signs of recovery, Venezuela's oil infrastructure remains dilapidated after years of corruption, mismanagement, and sanctions, creating significant obstacles for the industry's full rehabilitation.