Venezuelan President Delcy Rodríguez said the new version of the Hydrocarbons Law will be a key instrument for the country’s socioeconomic development and for attracting investment. The law establishes clear rules for investors and requires national companies to participate in oil-production projects—measures the authorities say will strengthen the industry and stimulate the development of related sectors.
According to Rodríguez, a bilateral agreement with the United States will help accelerate the expansion of oil operations and create approximately 324,000 jobs over the next decade. In Zulia state, production has already risen from 70,000 to 370,000 barrels per day, with output expected to reach 400,000 barrels by the end of the year. By 2027, the region is also planned to become a liquefied petroleum gas producer. The authorities intend to develop gas production for domestic, industrial, and commercial needs while exporting surplus supplies, despite continuing problems with electricity supply. A joint technical commission involving the government, industry, investors, and oil chambers will continue monitoring compliance with the agreements.
Full version: Government highlights socioeconomic impact of new Hydrocarbons Law and projects sustained production growth in Zulia