Venezuela Proposes Major Oil Industry Reform
Venezuela's interim President Delcy Rodriguez has proposed a significant reform of the hydrocarbons law, allowing foreign firms to operate oilfields.
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In a landmark move, Venezuela's interim President Delcy Rodriguez delcy rodriguezsubmitted a comprehensive reform proposal to the National Assembly on January 22, 2026. This proposal seeks to overhaul the country's hydrocarbons law, granting foreign and local companies the ability to independently operate oilfields and commercialize output as minority partners of the state oil company, PDVSA. The reform is a dramatic departure from the nationalization policies implemented two decades ago by former President Hugo Chavez hugo chavez.
