Following the January 3 US removal of President Nicolas Maduro and installation of an interim administration, the Venezuelan National Assembly approved sweeping reforms to the Hydrocarbons Law on January 29, reversing decades of nationalisation and encouraging private and foreign. Following the January 3 US removal of President Nicolas Maduro and installation of an interim administration, the Venezuelan National Assembly approved sweeping reforms to the Hydrocarbons Law on January 29, reversing decades of nationalisation and encouraging private and foreign. Yet, in a world steadily advancing toward an energy transition, one inevitable question arises: what role will Venezuela play in this new post-oil era? The energy transition is neither a distant phenomenon nor a passing global trend; it's a process that is already reshaping economies, geopolitical. Why Venezuela Is (Once Again) an Attractive Energy Bet: Political transition, legal reform and vast reserves reopen a world-class petroleum province. Political transition, legal reform and vast reserves reopen a world-class petroleum province. Recent events in Venezuela have caused a stir in the. Yet, the Israel/US war with Iran has provided an opportunity for Venezuela to again truly harness its abundant but largely neglected resources, including 300 billion barrels of proven oil reserves. Oil, meanwhile, still brings in nearly 60% of the national budget Oil rigs overlook a neighbourhood in Cabimas, Zulia state, north-west Venezuela. During the 2010s, the country experienced a drop in oil. Approximate production in recent years, far below the country's potential energy capacity.