Venezuela Circulates 63-Page Oil Rules for Private Firms, Opening Refining and Trading
Updated
Updated · Bloomberg · May 16
Venezuela Circulates 63-Page Oil Rules for Private Firms, Opening Refining and Trading
2 articles · Updated · Bloomberg · May 16
A 63-page draft regulation is being circulated by Venezuela to spell out how private companies can operate under the country’s newly enacted oil law.
The draft sets technical, operational, fiscal and control rules for companies working in oil and gas fields, giving investors long-sought detail as Venezuela pushes for higher production.
It also defines standards for private activity in refining, upgrading and trading—areas long dominated by state oil company Petróleos de Venezuela SA.
The proposed rules would also repeal Venezuela’s 1943 oil law and 1969 regulations, marking a broader overhaul of the sector’s legal framework.
Is Venezuela's $100 billion oil industry revival a solid recovery plan or just a fragile political gamble?
Can new laws truly shield investors from Venezuela's long history of state seizures and political turmoil?
Venezuela’s 2026 Hydrocarbons Law Overhaul: New Investor Landscape, U.S. Sanctions, and the Battle for Oil Control
Overview
On January 29, 2026, Venezuela reformed its Organic Hydrocarbons Law, marking a major turning point in the country’s energy policy. This reform was a significant change in the hydrocarbon regulatory framework, aiming to balance stronger state control with new opportunities for private investment. The changes were driven by Venezuela’s urgent need for economic recovery and higher oil production, following years of economic decline and strict government measures under Nicolás Maduro. By opening the door to private participation while maintaining state oversight, the reform seeks to attract investment and revitalize the vital oil sector.