Venezuela's interim president proposes oil law reform to attract investment

CARACAS, Jan 15 — Venezuela's interim President Delcy Rodriguez announced on Thursday she is submitting a proposal to reform the country's hydrocarbon law, aiming to facilitate foreign investment in its oil industry.

The move comes as U.S. investors push for easier access to Venezuela's oil sector.

Rodriguez did not provide specific details about the proposed changes to the law.

The reform would mark a significant shift in Venezuela's oil policy, which has been heavily state-controlled for decades.

Venezuela holds the world's largest proven oil reserves, estimated at over 300 billion barrels.

The country's oil production has declined sharply in recent years due to economic crisis and sanctions.

U.S. sanctions have restricted foreign investment in Venezuela's oil industry since 2019.

The proposed reform could potentially open the sector to increased international participation.

Rodriguez assumed the interim presidency in December after President Nicolas Maduro's term ended.

The proposal will need approval from Venezuela's National Assembly to become law.