Presidenta Encargada lidera encuentro para la Consulta Pública de la Reforma Parcial de la Ley Orgánica de Hidrocarburos - Correo del Orinoco

Presidenta Encargada lidera encuentro para la Consulta Pública de la Reforma Parcial de la Ley Orgánica de Hidrocarburos - Correo del Orinoco Venezuela is discussing a partial reform of the Organic Hydrocarbons Law, aiming to optimize resource exploitation under energy sovereignty principles and increase oil production. The reform formalizes Productive Participation Contracts (CPPs), allowing companies to manage projects at their own risk and cost, which has already shown success in attracting investment and boosting production. Additionally, Venezuela has finalized its first gas export contract, positioning itself as a gas power beyond its oil reserves, with the goal of transforming these resources into tangible prosperity.

• Venezuela is holding discussions on a partial reform of the Organic Hydrocarbons Law.
• The reform aims to optimize resource exploitation and ensure energy sovereignty.
• A key objective is to increase oil production and adapt the legal framework to current conditions.
• The reform introduces the formalization of Productive Participation Contracts (CPPs).
• Under CPPs, companies manage projects at their own risk and cost, without direct state financial commitment.
• This mechanism reportedly achieved 1.2 million barrels per day production and attracted $900 million in investments by 2025.
• Venezuela has signed its first gas export contract, aiming to be a gas powerhouse.
• The ultimate goal is to translate oil and gas reserves into tangible prosperity for Venezuelans.