Venezuela Releases 63-Page Oil and Gas Regulatory Framework on May 17

According to Jin10, Venezuela’s government released a regulatory framework on May 17 as part of its new petroleum law, setting technical, operational, financial and compliance standards for companies operating in the country’s oil and gas fields. The framework marks a significant policy shift, allowing private enterprises to enter sectors previously monopolized by the state oil company, including refining, upgrading and trading. The government also repealed the 1943 petroleum law and 1969 regulatory provisions. Venezuela’s national oil company has begun distributing proposed contracts to energy companies interested in operating in the country.