Miraflores bears a resemblance to a quintessential American suburban area, with its orderly arrangement of single-family homes, manicured lawns, and porches, which can be deceiving given its actual location.

Situated in the midst of Venezuela's oil-rich region, on the eastern shores of Lake Maracaibo, the tranquil Miraflores neighborhood was once a testament to the country's prosperity, contributing to its status as one of the wealthiest nations in Latin America.

The Lake Maracaibo basin, along with the city of Maracaibo, is considered crucial to President Donald Trump's initiative to attract $100bn (£75bn) in investments from US companies to revitalize Venezuela's energy sector, which boasts an estimated 303 billion barrels of proven oil reserves, the largest in the world.

However, the current state of the area surrounding Lake Maracaibo serves as a poignant reminder of Venezuela's declining fortunes over the years, highlighting the significant challenges the country faces.

Following the US military's removal of Nicolás Maduro from his presidential compound in Caracas in early January, and his subsequent transfer to New York to face narco-terrorism charges, which he denies, the BBC World Service has become the first international broadcaster to visit the region.

The landscape is dominated by oil infrastructure, with pumps and rigs scattered across streets, fields, and even the lake itself. Although some have been recently repainted in the colors of the Venezuelan flag and remain in use, many others have stood still for years, succumbing to rust and disrepair.

The deterioration is particularly evident in the approximately 20 "oil camps" located on the lake's outskirts, which were initially constructed by international companies to accommodate their employees following the launch of Venezuela's oil industry in the 1920s.

Major oil companies, including Standard Oil of New Jersey (now Exxon), Chevron, and Shell, made significant investments in Maracaibo, Venezuela's second-largest city, after the discovery of its oil reserves. The influx of oil revenue transformed former fishing villages into thriving communities equipped with modern amenities such as hospitals, schools, and social clubs.

In the upscale neighborhood of Miraflores, which was once home to the oil industry's top executives, many residences now lie abandoned, bearing signs of looting and vandalism, with shattered windows and stripped electrical wiring.

Gladysmila Gil relocated to a nearby neighborhood in 1968, where she settled with her late husband, an oil industry employee who was provided with a home as part of his employment benefits.

The homeowner reflects on the condition of her house when she first moved in, stating it was in a state of good repair. She makes this observation while seated in a worn chair, surrounded by walls with peeling pink paint.

She recounts the significant changes that have taken place in Venezuela over the past 13 years, citing access to healthcare and reliable waste collection as two areas that have been particularly affected by the country's economic decline. Previously, medical treatment was readily available at hospitals, and trash was collected on a regular schedule, with fewer power outages.

The current situation is marked by irregular waste collection and frequent blackouts, despite the region's substantial oil reserves. This energy crisis has persisted for over a decade, with daily power outages now a common occurrence.

The area's struggles are exemplified by a number of issues, including a stalled light rail project plagued by corruption allegations, a deteriorated central hospital that patients have likened to a dire situation, and widening socioeconomic disparities. Since Nicolás Maduro assumed the presidency in 2013, Venezuela's GDP has contracted by more than 70%, underscoring the severity of the country's economic challenges.

José Gregorio Martínez, a 64-year-old and the son of a former oil worker, observes the noticeable absence of children in the neighborhood, attributing this to the exodus of younger residents. He notes that he once shared his home with nine relatives, all of whom have since relocated.

A retired teacher, struggling to hold back emotions, reveals that financial support from relatives living abroad is his only means of survival. The $2.80 (£2) monthly state pension he receives is insufficient to meet his fundamental needs.

Gil and Martínez reminisce about what they consider to be a bygone era of prosperity, and they are not the only ones who believe that new investments from US companies could potentially improve their lives.

During the 1970s, Venezuela's oil production reached a peak of 3.5 million barrels per day, which accounted for over 7% of the world's total oil output.

At that time, the oil industry was managed by a group of foreign companies, mostly from the US, operating under government-issued concessions. However, in 1976, the industry underwent a significant change when it was nationalized and placed under the control of the state-owned entity, PDVSA.

The oil industry remained a crucial component of Venezuela's economy, benefiting from the high oil prices that characterized the 1970s. However, when oil prices declined in the 1980s, the country faced an economic crisis, prompting the government to introduce austerity measures in an effort to stabilize its finances, which led to widespread protests.

During the 1990s, the country implemented reforms to attract foreign investment, and by 1999, its daily oil production reached approximately 3.2 million barrels, with roughly half of this output originating from the Zulia state, which surrounds Lake Maracaibo.

The emergence of Chavismo, a nationalist movement with anti-American sentiments, marked a significant shift, led by Hugo Chávez, the predecessor of Maduro.

Chávez assumed the presidency in 1999, a time when oil prices were experiencing an upswing, thereby allowing his administration to finance extensive social initiatives aimed at alleviating poverty for millions of people.

By the close of 2025, the country's oil production had declined to around 860,000 barrels per day, accounting for less than 1% of the world's total crude output.

The year 2002 is often identified as a pivotal moment for the oil industry, as a strike by petroleum workers against the Chávez government was followed by a comprehensive restructuring of PDVSA, resulting in the reported dismissal of up to 22,000 employees.

A former employee, who wishes to remain anonymous, recalls the significant impact of losing 22,000 technical staff members. The individual, who was let go at the time, believes the restructuring was intended to bring the company in line with political objectives, which led to the departure of many experienced managers who opposed the changes.

The oil industry underwent a major overhaul in 2007, as the government of President Chávez took control of the sector, marking a significant shift in its operations.

Following the transition, some international companies continued to operate in the country through state-led partnerships, while others, including ExxonMobil, opted to leave, contributing to the sector's downward trend.

The decline of the oil sector has been attributed to various factors, including mismanagement and corruption, although the government maintains that US sanctions are a primary cause of the industry's struggles.

In 2017, during President Trump's first term, the US imposed broad economic sanctions, citing concerns over human rights abuses, the establishment of an illegitimate Constituent Assembly, corruption, and the persecution of the political opposition as the reasoning behind the measures.

A significant development in the US-Venezuela dynamic occurred with the detention of Nicolás Maduro. Following this, President Donald Trump stated that the US would assume control over Venezuela's oil sales, which are currently under sanctions, for an indefinite period. However, Delcy Rodríguez, a key ally of Maduro, has subsequently taken charge of the country's military and institutions.

Rodríguez has been calling for Maduro's release, describing his situation as a "kidnapping," while also collaborating with the Trump administration on legislative reforms. These reforms aim to facilitate the participation of foreign and domestic oil companies in the country's oilfields through a new contractual framework.

On Thursday, Venezuela's parliament, which is largely composed of Maduro supporters, gave its approval to this substantial policy shift.

In Maracaibo, there is a sense of optimism regarding the potential for investment from the US, with many residents hoping for positive outcomes.

For individuals like Carlos Rodríguez, who has been working on the waters since his teenage years and is now in his late 20s, the prospect of US investment brings hope for a better future. He expresses his desire for a scenario where his children can have access to stable employment and a secure future, rather than being forced to resort to activities like fishing to make a living.

Upon launching his boat onto the lake, a visually striking scene unfolds. The sky's appearance is in stark contrast to the water, which fluctuates in color between blue, murky green due to cyanobacteria, and black. The presence of oil on the surface is readily apparent, and when submerged, it leaves a visible residue.

Rodríguez expresses his concerns, stating, "The condition of the lake is deteriorating daily, with water that's green, black, or oily." He also notes a decline in fish populations, citing that he failed to catch any that morning.

Rodríguez holds out hope that the return of international oil companies could lead to efforts to clean up the lake.

However, not everyone shares this optimism. José Luzardo, a fellow fisherman, says, "While we're open to foreign companies extracting our resources, drilling wells, and creating employment opportunities, we're opposed to being subject to external control."

As a supporter of Maduro, Luzardo acknowledges the economic hardships faced by his family and colleagues, highlighting the challenges they are currently experiencing.

As he prepares to depart, Trump is told that any visit would require payment for the oil, which is considered a national resource belonging to all Venezuelans, according to the speaker.

A climate of fear prevails among those who oppose the government, causing many to refrain from discussing politics due to concerns about potential consequences.

The gentle lapping of the lake's waves against Luzardo's residence is accompanied by the sound of sizzling oil in the kitchen, where a group of women are cooking the day's limited catch. Luzardo notes that some days are more fortunate than others, and when the fishermen return empty-handed, the household goes without food.

There is a shared understanding between the government and opposition that investment is necessary.

Juan Romero, a parliament member from Zulia and a local PSUV party leader, emphasizes that investment is crucial for revitalizing the industry.

According to estimates, Lake Maracaibo is home to around 13,000 recoverable wells, with oil reserves totaling 26 billion barrels, a significant potential source of revenue.

The lifting of US sanctions is expected to alleviate the sector's economic constraints, potentially paving the way for foreign investment to flow into Venezuela.

However, experts caution that restoring Venezuela's oil production to its former levels could take up to 10 years and require substantial investment, estimated to be in the hundreds of billions of dollars, which has prompted industry leaders to exercise caution.

Darren Woods, ExxonMobil's CEO, has expressed concerns about investing in Venezuela, citing the company's past experiences with asset seizures, and emphasized the need for a new legal framework and enhanced investor protections to secure the necessary funding for redevelopment.

Despite the challenges, many residents in Maracaibo remain optimistic that new investments will revitalise the local economy and bring back prosperity.

José Rodas, a 93-year-old retired oil worker, is among those who recall the prosperity of the past, symbolized by his prized possession: a special-edition Dodge Dart, purchased during the 1970s oil boom.

Rodas reflects on the changes he has experienced, stating, "Life has become more challenging," and notes that the past offered a more comfortable existence with greater amenities.

He references the "commissariat," a key facility within the oil camps that supplied subsidized food and maintained the living quarters of workers, including tasks such as applying fresh paint and replacing light bulbs.

The once-treasured Dodge Dart now sits on Rodas' porch, its condition reflecting the neglect that has come to characterize his current circumstances, a stark contrast to the prosperous era it represents.