Venezuela’s national assembly has backed a new hydrocarbons law that would open up the socialist country’s oil sector to private companies, potentially undoing a quarter-century of state dominance.
The legislation, which has been seen by the Financial Times, allows foreign and local private companies to operate and commercialise oilfields, lowers the government’s tax take and allows for international arbitration in case of disputes.
Under the bill, which was approved during an initial debate on Thursday afternoon, private Venezuelan companies would be able to operate oilfields at their own cost. Joint ventures would continue to require a majority state-owned stake.
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