The dictator in charge of Venezuela, Delcy Rodríguez, enacted the new regulations of the Organic Hydrocarbons Law, a measure that implements the reform approved by the National Assembly in January and introduces significant changes in the operation of the country's main industry.
The new legal framework aims to facilitate private investment, streamline sector operations, and reduce some of the state control that characterized Venezuelan oil policy over the past two decades.
The regulations modify various aspects of the current regime to allow greater participation of national and foreign companies in hydrocarbon activities. Among the most relevant changes, the requirements for establishing associations with private capital are relaxed, administrative procedures are simplified, and new legal guarantees for investors interested in operating in the country are incorporated.
During the promulgation event, Rodríguez stated that the reform represents a modernization phase for the Venezuelan oil industry and asserted that the goal is to increase crude production, attract new investments, and strengthen the operational capacity of Petróleos de Venezuela S.A. (PDVSA). However, the authorities did not release the full text of the regulations nor detail all the specific changes incorporated into the regulations.
