(Caracas, Venezuela, 25th) The president of Venezuela’s state oil company (PDVSA) said on Saturday (January 24th) that Venezuela hopes to increase oil production by at least 18% this year by fully opening up the oil sector and allowing private investors entry.
According to Reuters, the reform plan proposed last week by Venezuela’s interim President Rodríguez passed its first reading in parliament on Thursday (22nd), which is led by her brother.
Analysts say the reform was drafted under pressure from Washington.
PDVSA President Obregón said: “Our previous laws...have fallen behind the actual needs of our industry.”
Obregón stated that the proposed Hydrocarbons Law will update the oil sector’s legal framework “to ensure legal certainty for private investors.”
The bill stipulates that private companies located in Venezuela can begin oil extraction upon signing contracts, a sharp contrast to the previous national monopoly over the country’s oil extraction.
Speaker of the National Assembly, Rodríguez, said: “The main idea behind the Hydrocarbons Law and its reform is to increase oil production.
“What is the primary goal? It is to adapt to a situation that allows us to extract oil from land belonging to all Venezuelan men and women.”
Venezuelan Oil Sold by the U.S., First Payment Received
U.S. President Trump has made no secret of his interest in Venezuelan oil. His administration has bluntly stated that it would take over the sales of Venezuelan crude.
Rodríguez announced this week that after Venezuelan oil was sold by the United States, the country received its first payment of US$300 million (approximately 1.202 billion).
She also said on Saturday that dialogue would be initiated with the Venezuelan opposition to achieve “common interests,” stating that “there should not be any political or partisan divisions on the issue of peace in Venezuela.”
“Although we have differences, we must dialogue with mutual respect. Although we have differences, we must unite and reach agreements.”
Analysts say the reform was drafted under pressure from Washington.
PDVSA President Obregón said: “Our previous laws...have fallen behind the actual needs of our industry.”
Obregón stated that the proposed Hydrocarbons Law will update the oil sector’s legal framework “to ensure legal certainty for private investors.”
The bill stipulates that private companies located in Venezuela can begin oil extraction upon signing contracts, a sharp contrast to the previous national monopoly over the country’s oil extraction.
Speaker of the National Assembly, Rodríguez, said: “The main idea behind the Hydrocarbons Law and its reform is to increase oil production.
“What is the primary goal? It is to adapt to a situation that allows us to extract oil from land belonging to all Venezuelan men and women.”
Venezuelan Oil Sold by the U.S., First Payment Received
U.S. President Trump has made no secret of his interest in Venezuelan oil. His administration has bluntly stated that it would take over the sales of Venezuelan crude.
Rodríguez announced this week that after Venezuelan oil was sold by the United States, the country received its first payment of US$300 million (approximately 1.202 billion).
She also said on Saturday that dialogue would be initiated with the Venezuelan opposition to achieve “common interests,” stating that “there should not be any political or partisan divisions on the issue of peace in Venezuela.”
“Although we have differences, we must dialogue with mutual respect. Although we have differences, we must unite and reach agreements.”