Venezuela is overhauling its long-standing nationalist oil policy in an effort to attract investment, with changes aimed at making the country’s vast oil reserves more appealing to outside capital and support the industry’s recovery.

The reforms are part of broader moves by the government and reflect a shift toward easing restrictions that had limited foreign involvement in the sector. At the same time, the United States has taken a significant step to expand the ability of oil companies to operate in Venezuela by issuing a general license that broadens permissible activity under U.S. sanctions.