Pérez Abad: Hydrocarbons Law fits the country's financial and technological reality

Published at: 11/02/2026 01:29 PM

The reform of the Organic Hydrocarbons Law was an urgent need and “it is very pertinent to adapt the constitutional legal framework in which the oil market operates in accordance with financial and technological reality,” said Miguel Pérez Abad, the deputy to the National Assembly (AN).

In an interview on the program “Coffee in the Morning”, broadcast by Venezolana de Televisión (VTV), the parliamentarian stressed that the law, which was 20 years old, needed to be advanced thanks to the supply of crude oil production and it was necessary to “take measures that would always allow, while respecting the constitutional rank, the right of the State to manage natural resources through an opening to national and international investment that would allow the transformation of the energy sector as a lever” for national prosperity.”

Pérez Abad, said that the reform has several effects that can be seen in international and domestic investment” to leverage the development of the oil industry” in order to promote exploitation for the productive chain that can be expressed “in 5 or 6 years in more than a million direct, indirect and associated jobs”.

He stressed that with these actions, “Venezuela is once again entering the financial circuits”, which allows other sectors of the productive engines to resort to international leverage and guarantee the country's sovereignty and energy stability.

Mazo News Team