On 29 January 2026, the National Assembly of the Bolivarian Republic of Venezuela approved a comprehensive amendment to the 2006 Hydrocarbons Law, representing a historic shift in the legal framework governing the country’s oil and gas sector. The amendment was enacted amid broader policy changes intended to open the sector to increased private and foreign participation, relax certain long-standing state monopoly provisions, and attract investment to revitalize Venezuela’s energy sector after decades of operational decline and restrictive regulatory structures.

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