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Venezuela Enacts Oil Law Opening Sector to Private and Foreign Investors as U.S. Eases Sanctions

Washington issued a broad license for oil dealings, signaling oversight of sales with proceeds routed through Qatar.

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Die amtierende venezolanische Präsidentin Delcy Rodriguez nimmt an einer Kundgebung teil, bei der sie eine Kopie eines neuen Gesetzes hochhält.

Overview

  • Interim President Delcy Rodríguez signed the unanimously approved reform, ending nearly two decades of strict state control over the oil industry.
  • The law removes PDVSA’s automatic majority in projects and allows private and foreign firms to explore, produce, and sell Venezuelan oil independently.
  • The fiscal regime is simplified to a unified 15% contribution with license fees capped at up to 30% of gross revenue, with project-specific rate adjustments possible.
  • The U.S. Treasury issued a general license authorizing transactions involving the Venezuelan government and PDVSA for production, exports, transport, and related activities.
  • U.S. officials outlined plans to manage oil sales and control revenue flows, with funds initially held in Qatar and Venezuelan budgets subject to prior White House approval; domestic backers hail the shift as investors and opposition figures press for transparency safeguards.