A Regulation for the Hydrocarbons Law Reform is Needed to Clarify Procedures, States Expert
Dolores Dobarro, an expert lawyer in economics and hydrocarbons and former Vice Minister of Energy and Mines, believes that the national Executive must create a new regulation for the reform of the Hydrocarbons Law that is consistent with and follows the "spirit and purpose" of the new legal framework. The former legal advisor of OPEC indicated that the current regulation was created for the law promulgated in 1942, and that since 2001 the national Executive owes a new regulation, as it is currently "especially important to do so to clarify many of the procedures and transitional provisions."
TL;DR
- Dolores Dobarro, an expert lawyer in economics and hydrocarbons and former Vice Minister of Energy and Mines, calls for a new regulation for the Hydrocarbons Law reform.
- The current regulation dates back to 1942, and a new one has been overdue since 2001.
- A new regulation is needed to clarify procedures and transitional provisions, particularly concerning oil royalties and expropriations.
- The reform is expected to increase employment and stimulate growth in sectors like real estate and construction.
- The reform allows private companies to participate in the national reserve and have the right to dispose of their crude oil, a significant change.