The case for a new Venezuelan Hydrocarbons Law as the basis of a new Hydrocarbons Policy: unlocking the path for recovery, stabilization and growth

Abstract

Two decades of predatory policies, kleptocracy and mismanagement led Venezuela, once one of the top-oil producers in the world, to an unparalleled collapse, social and political crisis. This article discusses the importance of the role of the oil industry in the country’s eventual recovery and why a new oil policy will be needed to accomplish this objective. Such hydrocarbons policy may only be taken by the enactment of a new Hydrocarbons Law. This focuses on the analysis of the main provisions and changes contained in a new Hydrocarbons Law Bill presented to the National Assembly in June 2019.