Venezuela’s legislature on Thursday adopted a bill that throws its oil industry open to private investors, in line with US demands following the toppling of leader Nicolas Maduro.
Lawmakers in the South American country adopted reforms to a hydrocarbons bill that roll back decades of tight state control over foreign investment in the sector.
To lure private capital into an industry reeling from years of US sanctions, the bill also makes the royalties regime more flexible.
“Only good things will come after the suffering,” vowed National Assembly president Jorge Rodriguez, brother of the country’s interim president Delcy Rodriguez.
Under the legislation, private companies can independently engage in oil exploration and extraction and commercialisation without having to enter joint ventures with state oil company PDVSA. PDVSA was required to hold a majority stake under the previous arrangement.
Rubio says US to control Venezuelan oil sales indefinitely
Rubio says US to control Venezuelan oil sales indefinitely
The reform lays the ground for the triumphant return of US oil majors to the Caribbean country, less than a month after the US overthrow of Maduro.
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