Venezuela's National Assembly passes partial reform of hydrocarbons law

Jorge Rodriguez, President of the National Assembly, holds documents related to the reform of hydrocarbons law, in Caracas, capital of Venezuela, Jan. 29, 2026. Venezuela's National Assembly on Thursday passed a partial reform of the Organic Law on Hydrocarbons proposed by the country's acting president Delcy Rodriguez earlier this month. (National Assembly of Venezuela/Handout via Xinhua)

CARACAS, Jan. 29 (Xinhua) -- Venezuela's National Assembly on Thursday passed a partial reform of the Organic Law on Hydrocarbons proposed by the country's acting president Delcy Rodriguez earlier this month.

"Approved unanimously. Consequently, the Organic Law on Hydrocarbons is hereby enacted for history, for the future, for our daughters and our sons," National Assembly President Jorge Rodriguez declared.

The assembly president noted that the bill was approved after an extensive debate process that included more than 120 proposals submitted nationwide, and praised both pro-government and opposition lawmakers for their contributions.

Following the vote, the approved legal text was formally handed over to Hector Obregon, president of state-owned oil company Petroleos de Venezuela SA.

The hydrocarbons law regulates the exploration, extraction, transportation and use of hydrocarbons, among other activities, adhering to the principles of energy sovereignty, state ownership of hydrocarbon reserves and environmental protection.

The reform seeks to strengthen the national oil industry through new participation schemes, allowing primary activities under state control while maintaining majority state ownership with the participation of public and private companies.

Article 8 of the reformed law introduces modern dispute-resolution mechanisms, including arbitration, aimed at attracting investment. The law also sets royalties of up to 30 percent and establishes an Integrated Hydrocarbons Tax of up to 15 percent on gross revenues.

The reform of the hydrocarbons law was proposed following a U.S. military attack which led to the seizure of Venezuelan President Nicolas Maduro and his wife on Jan. 3. ■

Members of the National Assembly of Venezuela raise their hands to vote at a regular session in Caracas, capital of Venezuela, Jan. 29, 2026. Venezuela's National Assembly on Thursday passed a partial reform of the Organic Law on Hydrocarbons proposed by the country's acting president Delcy Rodriguez earlier this month. (National Assembly of Venezuela/Handout via Xinhua)

Venezuela's National Assembly President Jorge Rodriguez (L, front) hands over the bill on a partial reform of the Organic Law on Hydrocarbons to the country's acting president Delcy Rodriguez (R, front) in Caracas, capital of Venezuela, Jan. 29, 2026.

Venezuela's National Assembly on Thursday passed a partial reform proposed by Delcy Rodriguez earlier this month. (Photo by Marcos Salgado/Xinhua)

Venezuela's acting president Delcy Rodriguez (L, front) and National Assembly President Jorge Rodriguez (R, front) display a copy of files related to a partial reform of the Organic Law on Hydrocarbons in Caracas, capital of Venezuela, Jan. 29, 2026.

Venezuela's National Assembly on Thursday passed a partial reform proposed by Delcy Rodriguez earlier this month. (Photo by Marcos Salgado/Xinhua)

Venezuela's acting president Delcy Rodriguez (C, front) signs the bill on a partial reform of the Organic Law on Hydrocarbons in Caracas, capital of Venezuela, Jan. 29, 2026.

Venezuela's National Assembly on Thursday passed a partial reform proposed by Delcy Rodriguez earlier this month. (Photo by Marcos Salgado/Xinhua)