Acting President Delcy Rodríguez Signs Law Opening Venezuela's Oil Sector
Rodríguez signed the law on Jan. 24, 2025, capping extraction royalties at 30% and allowing private firms to manage oil projects after ministry approval.
Al JazeeraHow much control will the US have over Venezuela’s oil?
FOX NewsVenezuela's acting president overhauls oil industry amid pressure from Trump administration
The GuardianVenezuela approves bill to open oil sector to foreign investment after US pressure
El PaisVenezuela gives the green light for foreign capital to enter the oil sector
Overview
Acting President Delcy Rodríguez signed the law on Jan. 24, 2025, ending Petróleos de Venezuela SA's exclusive control and allowing private companies to assume full management of oil projects after Oil Ministry approval, government records show.
The National Assembly approved the measure less than a month after the Jan. 4, 2025 U.S. seizure of Nicolás Maduro and officials said the reform is intended to attract foreign capital to revive an industry hit by mismanagement and sanctions.
U.S. Treasury officials confirmed on Jan. 24, 2025 that the department began easing oil-related sanctions to expand U.S. companies' ability to operate in Venezuela.
The law's published text caps extraction royalties at 30% and grants the executive branch authority to set project-specific tax and royalty percentages, according to the Oil Ministry's official release.
Opposition lawmaker Antonio Ecarri urged on Jan. 24, 2025 that the assembly include transparency and judicial guarantees, and analysts said independent arbitration provisions will be decisive as firms consider returning this year.
Analysis
Center-leaning sources frame the story as a pragmatic pivot toward market-friendly reform, using evaluative language ('mismanagement and under-investment') and emphasizing foreign commercial angles (Chevron, 'pave the way for more foreign investment'). They prioritize economic consequences over political motives and foreground crisis-focused succession claims ('assumed office after Maduro was seized…').