Asamblea Nacional aprobó reforma a la Ley de Hidrocarburos en primera discusión
La Asamblea Nacional de Venezuela aprobó en primera discusión la reforma parcial a la Ley Orgánica de Hidrocarburos
TL;DR
- The National Assembly approved a partial reform of the Organic Hydrocarbons Law in its first discussion.
- The reform aims to increase oil production by incorporating successful business models from the 2020 anti-blockade law.
- New contract types allow operators to assume full management at their own risk and cost, preventing state debt.
- The reform includes mechanisms to ensure the viability of undeveloped oil fields through significant investments.
- This may involve flexibility in royalty rates, including potential reductions, to attract investment.
- Increased legal guarantees for investment, such as independent conflict resolution, are also part of the reform.
- The opposition abstained from voting, requesting earlier access to draft legislation.
- The bill requires a second discussion in Parliament before being sent to the president for promulgation.