Venezuela To Launch Website for Public Monitoring of Oil and Mining Revenues

It will provide up-to-date information on income and employment. Furthermore, it will help debunk misinformation and counter the cognitive warfare against the economy.

The President of the National Assembly, Jorge Rodríguez, announced the launch of an official digital platform that will provide detailed information on the revenue the Venezuelan state receives from the sale of oil and minerals, as well as the specific use of these resources.

The initiative, promoted by Acting President Delcy Rodríguez, seeks to establish a direct accountability system, without administrative intermediaries, free from bureaucratic practices, corruption, or negligence. The central objective is for citizens to be able to clearly verify how much money enters the country and how each amount is spent.

During a meeting of the Parliament’s Advisory Commission, Jorge Rodríguez explained that the purpose of the project is to offer updated and verifiable information “so that everyone knows everything that has come in and how every cent has been used.” He added that these digital tools will also serve to debunk false information and counter the “cognitive warfare” against the Venezuelan economy.

For her part, Delcy Rodríguez reported that the country recently received revenue from oil sales. She indicated that, of an initial amount of $500 million, $300 million has already been deposited into the state coffers, which will be allocated to strengthen workers’ incomes and protect their purchasing power, as part of the Executive’s social policy.

Venezuela: Acting President Rodríguez Secures US $300 Million in Oil Revenue to Shield Workers From Inflation (+Exchange Rate)

The Acting President also affirmed that the exploitation of natural resources throughout the national territory is aimed at guaranteeing the well-being and quality of life of the population.

In the legislative arena, Jorge Rodríguez announced that one of the 29 bills included on the National Assembly’s agenda will be the partial reform of the Hydrocarbons Law, proposed by Delcy Rodríguez during her annual address to the nation, in which she outlined the country’s new energy guidelines. It is currently in the initial stages of discussion.

The Speaker of Parliament emphasized that Productive Participation Contracts (CPPs), implemented under Venezuela’s Anti-Blockade Law, have been crucial in increasing oil production amidst international sanctions, and therefore their formal incorporation into the new legislation is being evaluated. These contracts allow partnerships between PDVSA and private or foreign companies, with investment recovery mechanisms and state oversight.

Rodríguez explained that, while in the past it was easier to attract capital to exploit already developed oil fields, the current challenge is to attract investment for so-called “green fields,” which require greater resources. To achieve this, he noted, it is essential to offer conditions that guarantee profitability and protection for investors, while maintaining national sovereignty over the resources.

The Speaker of the Assembly insisted that oil wealth must translate into concrete social benefits, such as schools, hospitals, housing, road infrastructure, and technological development. “Oil underground is useless,” he stated.

Finally, he noted that every legislative process includes an initial discussion on the principles and scope of the law, followed by a public consultation phase, and subsequently, a second discussion article by article. In that regard, he reiterated that the most innovative aspects of the bill will be linked to Public-Private Partnerships (PPPs) and new forms of trade cooperation aimed at strengthening the country’s energy production.