The president of the National Assembly, Jorge RodrĂguez, along with members of the parliament's Advisory Commission. Photo: National Assembly.
President of Venezuela’s National Assembly, Jorge RodrĂguez, announced that details of the proposed reform to the Hydrocarbons Law cannot be released at this time. He affirmed, however, that the Productive Participation Contracts implemented through the Anti-Blockade Law were key to increasing the country’s oil production during the sanctions, and therefore the government seeks to incorporate them into this new version of the law.
“There is a model that has proven extremely successful in increasing oil production,” he said. “When Venezuela was neither sanctioned nor blockaded, it was relatively easy to attract foreign investment and partnerships with national companies for the exploitation of what are called mature fields—those with prior investment—to begin production. But it is essential to find the optimal conditions to attract investors for what are called green fields: those that remain unexploited and therefore require a much larger investment. To achieve this, it is necessary to ensure that this foreign investment is protected and profitable. That is why the Productive Participation Contract mechanism was tested—a key factor in increasing oil production.” He emphasized the establishment of the Hydrocarbons Law as a strategic pillar of national development.
The CPPs (Productive Participation Contracts) are oil agreements between PDVSA and private or foreign companies to increase crude oil production, allowing greater operational control and investment recovery, while PDVSA supervises them under the Anti-Blockade Law to circumvent sanctions.
RodrĂguez argued that the responsible and sovereign exploitation of oil should translate directly into social investments: the construction of schools, hospitals, technology infrastructure, healthcare, housing for young people, and other essential public services. This vision links the country’s hydrocarbon wealth to the fulfillment of fundamental rights, reaffirming the state’s role as guarantor of the equitable redistribution of oil revenue.
“Oil underground is useless; it must be converted into schools, housing for young people, healthcare, roads, and highways,” he told the media upon leaving the Parliament’s Advisory Commission, where members discussed the analysis, evaluation, monitoring, and implementation of the 2026-2027 Legislative Agenda in accordance with Article 36 of the Internal Regulations and Debates.
The Speaker of Parliament noted that laws always require two phases: the first debate focuses on the explanatory memorandum, its scope, and its impact on the population; this is followed by a process of public consultation with communities; and finally, the legal text is discussed article by article in the second debate. Therefore, it is not yet possible to disclose specific details—beyond the inclusion of new elements such as the CPPs and new trade relationships aimed at increasing production.
(Ăšltimas Noticias) by Odra Farnetano
Translation: Orinoco Tribune
OT/JB/SH
