politics
enero 30, 2026
National Assembly unanimously approves reform of the Hydrocarbons Law
During the ordinary session this Thursday, the Venezuelan parliament unanimously approved the Partial Reform of the Organic Hydrocarbons Law.
TL;DR
- The Venezuelan parliament unanimously approved the Partial Reform of the Organic Hydrocarbons Law.
- The reform was preceded by public consultation with industry workers and received over 120 written proposals.
- Article 1 outlines the law's aim to regulate hydrocarbon activities under principles of energy sovereignty, public ownership, and environmental protection.
- Article 8 allows for alternative dispute resolution mechanisms in contracts, alongside competent courts.
- Article 25 grants the Ministry of Hydrocarbons the power to grant primary activity rights to operating companies and allows for transfer of ownership of necessary assets, with provisions for revocation.
- Article 34 mandates presidential authorization for joint ventures and notification to the National Assembly for oversight, excluding them from public procurement laws but requiring transparent mechanisms.
- Article 35 details conditions for joint ventures, including a 25-year maximum duration with renewal options, pre-emptive rights for majority shareholders, and reversion of assets to the Republic.
- The reform is described as a significant economic transformation for Venezuela's future.