#TeExplicamos

TL;DR

The reform allows private companies to participate in oil exploration, extraction, and commercialization under state supervision.
It reintroduces concepts from before the 1976 nationalization of the oil industry.
Joint ventures (empresas mixtas) will have a maximum duration of 25 years, extendable for another 15.
Minority shareholders in joint ventures will have greater operational and commercialization freedom.
Productive Participation Contracts (CPPs) are formalized, allowing private operators to manage integral activities at their own cost and risk.
A new extraction tax is introduced, equivalent to one-third of the value of all liquid hydrocarbons extracted.
The state's royalty share remains at 30%, with provisions for adjustments in non-profitable scenarios.
The reform aims to reverse the decline in oil production experienced since the 2006 law.

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