The past few months have seen a significant shift in the way US oil companies view Venezuela. Gone are the days of calling it "uninvestable." Instead, representatives from major oil companies are now visiting the country to assess potential projects and meet with government officials.

This change in attitude can be attributed in part to the ouster of President Nicolás Maduro in January. Since then, acting president Delcy Rodríguez has been working to reassure foreign investors that the country is open for business. Companies like ExxonMobil and ConocoPhillips are taking her words seriously and sending technical teams to the country to review opportunities.

One of the main areas of interest is the Cerro Negro heavy-oil project, which Exxon operated before it was nationalized in 2007. The company is reportedly inspecting the project to see if it's worth investing in again. Conoco, on the other hand, is assessing oil and gas prospects in the country.

The renewed interest in Venezuela's oil sector comes at a time when global oil prices are rising sharply due to conflict in the Middle East and changes in the country's energy laws. This has made it a more attractive option for US oil companies looking to expand their operations.

While some US oil companies are taking a closer look at Venezuela, it's still early days for investment. Exxon CEO Darren Woods has said that producing heavy oil in a low-cost way will be crucial for the company's success in the country. However, he's also acknowledged that investment decisions will take time.

The US government has also increased its engagement with Venezuela, with President Donald Trump's energy adviser, Jarrod Agen, visiting the country recently. He met with Rodríguez and representatives from several companies that signed memorandums of understanding to explore operations in Venezuela. Agen noted that improved connectivity, including the return of direct commercial flights, could support business activity.

On the ground, crude flows are already increasing. Shipments of Venezuelan crude to the US Gulf Coast have risen in recent months, with imports in March reaching 457000 barrels a day. This is the highest level since January 2019, when the Trump administration imposed sanctions on state-run Petróleos de Venezuela.

It remains to be seen how much investment US oil companies will ultimately commit to Venezuela. However, one thing is clear: the country's oil sector is no longer off-limits for US investors.