At a meeting dedicated to the Public Consultation on the Partial Reform of the Organic Law on Hydrocarbons, the acting president of the Republic, Delcy Rodríguez, emphasized the need for Venezuela not only to maintain its position as the country with the largest oil reserves in the world, but for it to become a giant producer:
“Let Venezuela be a giant alongside Russia, the United States, and Saudi Arabia. Let us be a giant oil producer, because it is enough of only having the label of possessing the largest reserves if that doesn’t translate into progress for Venezuela, enough of that, history sometimes impulses us forward”, stated Rodríguez, highlighting the responsibility of guaranteeing the future and the social and economic prosperity of the Venezuelan people.
In this regard, she reiterated the commitment of the Bolivarian Government to the strengthening of the national production through strategic alliances with the entrepreneurial guild.
It is worth remembering that on January 22 of this year, the National Assembly (AN) approved in its first reading the Bill for the Partial Reform of the Organic Law on Hydrocarbons, with the aim of updating the national energy sector.
Among the core changes introduced by the reform is highlighted the formalization of the Productive Sharing Contracts (PSCs), a model that allows operating companies to assume full management of projects at their own risk and cost, by making oil activity dynamic without burdening the State with direct debts or financial commitments.
Thanks to this mechanism, in 2025 was reached a production of 1.2 million barrels per day, and were attracted capitals nearing nearly $900 million, which ratifies a significant advance for the Venezuelan energy sector.