Venezuelan lawmakers have given preliminary approval to a proposal allowing private investment in the country’s oil sector, paving the way for major U.S. energy companies to return. The bill, approved in its first reading less than three weeks after former president Nicolás Maduro’s removal, would permit private firms to independently explore and extract oil. If passed in a second reading, it would significantly loosen decades of state control tightened under late socialist leader Hugo Chávez.

Acting President Delcy Rodríguez, formerly Maduro’s deputy, played a key role in advancing the bill and has moved to normalize relations with the United States. U.S. President Donald Trump praised Rodríguez’s leadership, noting that the U.S. is already receiving part of Venezuela’s oil. On the same day, Washington appointed Laura F. Dogu as its new chargé d’affaires in Caracas, marking a step toward restoring full diplomatic ties.

Analysts say the oil sector reform and renewed diplomatic engagement could strengthen relations between Venezuela and the United States after years of tension following the 2019 diplomatic break.