Delcy Rodríguez enacted the regulations for the Organic Law of Hydrocarbons on Wednesday, marking the largest transformation of Venezuelan oil policy in over two decades, which opens the sector to private capital for the first time since the chavista era.
The event was broadcast by the state channel Venezolana de Televisión and marked the end of an 83-year regulatory cycle: the regulation replaces 1,389 resolutions accumulated since 1943 and develops the reform approved by the National Assembly on January 29, 2026.
A historic turn in the industry
"After 83 years, we have signed the regulations for the Organic Hydrocarbons Law. 1,389 resolutions over these 83 years have been studied and analyzed, and these regulations are intended to transform Venezuela's reserves into the development of our country,"
declared Rodríguez during the event, as reported by VTV.
On her social media, the acting president expanded on the message:
"We have taken a historic step for the future of Venezuela. After 83 years, we have signed the Regulations of the Organic Law on Hydrocarbons, an instrument that will enable us to transform our vast energy reserves into development, growth, and well-being for our people."
The reform represents one of the most significant changes in the industry since the nationalization of 1976 and the laws promoted by Hugo Chávez, which concentrated almost absolute control of oil exploration, production, and marketing in PDVSA.
What changes with the new legal framework?
The regulation introduces structural changes that alter the model in place for more than twenty years.
Private companies will be able to take on the comprehensive management of primary activities—exploration, extraction, and transportation—at their own cost and risk, a role previously reserved for the state.
In mixed companies, the minority private partner may take charge of operational management, even though PDVSA retains majority ownership; moreover, private companies are allowed to directly market the produced oil, breaking the monopoly that the state company held at that stage of the chain.
In fiscal matters, a maximum royalty of 30% remains in place, but the Executive may reduce it based on the specifics of each project, and several taxes and special contributions are eliminated, including some linked to extraordinary income from high oil prices.
Another significant change is the incorporation of international arbitration mechanisms to resolve contractual disputes, a long-standing demand from foreign companies that left Venezuela after the Chávez-era expropriations.
The Minister of Hydrocarbons, Paula Henao, participated in the event and explained that the text "will regulate and provide control for the correct application of the law," covering "everything related to the value chain of hydrocarbons" and laying "the groundwork for maximizing the recovery of all the reserves we have in the territory."
Oil as a lever for reconstruction
Rodríguez explicitly linked the resources generated by the reform to the reconstruction following the double earthquake on June 24, which resulted in at least 3,811 deaths, over 16,740 injuries, and nearly 18,000 people without housing according to official figures.
"There will also be resources for the recovery and reconstruction of our homeland following the double earthquake on June 24," he stated during the promulgation event.
The political context behind the reform
Rodríguez assumed the interim presidency on January 5, 2026, two days after the capture of Nicolás Maduro by U.S. forces, and immediately advocated for the opening of the energy sector as the central focus of his administration.
In May, the U.S. Secretary of State, Marco Rubio, confirmed that since January 3, over 10 million barrels of Venezuelan oil had arrived in U.S. territory, with the proceeds deposited in an account supervised by the Treasury Department and audited by KPMG.
"For the first time, that money is not being stolen. It is going to benefit the Venezuelan people," Rubio stated, according to a report on Venezuelan oil.
Venezuelan production reached 1.2 million barrels per day in April 2026, and exports reached 1.25 million in June, the highest level in seven years.
ExxonMobil, which left Venezuela in 2007 following the Chavista expropriations, is currently negotiating extraction rights in up to six fields, and its CEO, Darren Woods, described Venezuelan oil as "an immense resource that is now being more freely accessed by the world."
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