Nueva Ley Orgánica de Hidrocarburos y nueva Licencia
Una semana después de haber sido aprobada en primera discusión, la sexta legislatura de la Asamblea Nacional aprobó en segunda discusión el proyecto de reforma de la Ley Orgánica de Hidrocarburos (LOH). Ese mismo día, la OFAC emitió la Licencia General nº 46, que introdujo cambios importantes en el marco jurídico de las sanciones petroleras.
TL;DR
- Venezuela's National Assembly approved a reform of the Organic Hydrocarbons Law (LOH) and the US Treasury issued General License No. 41, aiming to attract private investment in the oil sector.
- The new LOH allows private companies to directly exercise exploration and production rights through new contract models, replacing the previous Production Sharing Contracts (CPP) and marking the end of oil nationalization initiated 50 years ago.
- Chávez-era policies, including Decree 5.200, are formally repealed, and the new law aims to create a more favorable fiscal regime with discretionary powers for the Executive regarding royalties, integrated tax, and income tax.
- General License No. 41 permits previously prohibited oil-related operations between US investors and PDVSA, but imposes conditions requiring contracts to be governed by US law and disputes resolved under US jurisdiction, creating a contradiction with the LOH.
- Payments owed to the Venezuelan government must be deposited in US-controlled bank accounts, limiting Venezuela's direct administration of oil revenues.
- While the reforms are seen as a positive step for attracting private investment and beginning the reconstruction of the oil industry, they are considered insufficient to address the systemic issues of collapsed rule of law and state fragility required for full recovery.