The Venezuelan Parliament approved on Thursday the reform of the oil law that opens the industry completely to private companies, while the United States seeks to return to operating in the country after the overthrow of Nicolás Maduro in a military operation.
The National Assembly approved the articles of the text, which now goes to interim president Delcy Rodríguez for sanction.
“The Organic Law to reform the Organic Hydrocarbons Law is sanctioned for history, for the future, for our daughters and our sons,” celebrated the president of Parliament, Jorge Rodríguez, brother of the new president.
“Only good things will come after suffering,” he added.
https://twitter.com/Asamblea_Ven/status/2016980277000597615
The reform was proposed by President Rodríguez, who took power after Maduro’s capture on January 3 in a US operation, which included bombings of Caracas and other neighboring regions.
And it leads a turnaround in the historically hostile relationship with Washington.
The new law offers more guarantees to private companies, gives up state control of exploration and reduces taxes.
Venezuela’s oil is under an embargo that Trump imposed in 2019 during his first term.
The industry has suffered the consequences with the decrease in production, also motivated by years of disinvestment, corruption and mismanagement.
