The Daily Journal – The Government of Venezuela and the state oil company Petróleos de Venezuela S.A. (PDVSA) have begun distributing to potential investors and energy service companies a draft regulation of the new oil law and a key model contract, according to reports published by news agencies and specialized media outlets.
The new regulatory framework, currently in a technical consultation phase, aims to make operations in the sector more flexible while preserving strategic fiscal tools for the State.
According to a Reuters report that had direct access to the draft regulation, the national executive will retain decisive authority over sector taxation.
In parallel with these regulatory tax adjustments, PDVSA has been active on the commercial front in an effort to unlock projects that had been stalled during years of financial isolation. Reports from Bloomberg revealed that the national oil company’s leadership is already distributing specific contractual documentation among the most important service contractors in the Western Hemisphere.
According to the financial outlet, the document offers greater operational guarantees to global giants such as SLB Ltd., Halliburton Co., and Baker Hughes Co., allowing them to assume more direct control over field logistics and facilitating payment mechanisms backed by custodial accounts managed through the U.S. Department of the Treasury.
With information from Reuters and Bloomberg.
