Overview
- Acting President Delcy Rodríguez signed a hydrocarbons reform that lets private and foreign operators control production and sales, allows independent arbitration, caps royalties at 30%, and preserves state ownership of reservoirs.
- Within an hour of the vote, the U.S. Treasury issued a general license authorizing U.S. entities to buy, transport, market, store, and refine Venezuelan crude in transactions involving the government and PDVSA.
- The policy pivot followed the January capture of Nicolás Maduro and a White House push to channel exports through U.S.-overseen mechanisms, with officials outlining revenue controls and budget oversight.
- Industry response remains guarded as executives cite unresolved arbitration claims, security risks, and weak judicial guarantees, with ExxonMobil’s CEO labeling Venezuela uninvestable while Chevron maintains a limited presence.
- The new framework enables direct commercialization by private firms and coincided with moves to reopen U.S.–Venezuela air links, as Caracas seeks investment to revive output after years of decline.