Vielma Mora: Partial Reform of the Hydrocarbons Law guides the transition to a competitive model

Published at: 29/01/2026 03:13 PM

The deputy to the National Assembly (AN), José Gregorio Vielma Mora, indicated that with the Partial Reform of the Hydrocarbons Law, the country will be moving towards a more efficient and competitive model in energy matters.

The parliamentarian noted that the legislative proposal revises administrative procedures related to registration, contracting and operational management, with the objective of reducing bureaucratic burdens and facilitating planned projects. He indicated that the adjustment of royalties is aimed at strengthening investor confidence and promoting sustainable production schemes.

“Venezuela, with this necessary reform to the Hydrocarbons Law, will place us on the northern stage in legal matters, in technical aspects and in opportunities to attract foreign investment. We are evaluating all processes to facilitate registration, hiring and administrative issues, and to combat any bureaucratic element. It means lowering the respective royalties to build trust and allow for a planned and well-planned investment,” he said.

He recalled that the law ratifies that all oil fields are the exclusive property of Venezuela, a principle that guarantees sovereignty over resources. He added that the new legal framework will make it possible to market crude oil at favorable prices for the parties, in a system adapted to the reality of the energy market.

The deputy added that the reform reinforces technological processes, simplifies essential procedures and adapts the functioning of the sector to the international financial market.
“When we talk about hydrocarbons, we have to talk about the value of oil and the value of investing in Venezuela. This law is designed to invest healthily and prudently, and to have the investment company take out the currency every time it can extract oil and trade it abroad.”

Mazo News Team