Venezuela's Ambitious Energy Reform: Opening Doors to Big Oil and New Opportunities

Venezuela's opposition has unveiled a comprehensive energy sector reform plan aimed at attracting international companies, particularly from the U.S. The proposal includes downsizing PDVSA and inviting private investment in oil and gas assets, seeking to boost output and integrate global investment standards into national laws.

Venezuela's opposition has put forward a significant proposal to reform the nation's beleaguered energy sector, seeking the participation of international firms to revitalize the industry. This move aims to draw support from major oil corporations and the U.S. government, insiders reveal.

The opposition views the re-election of U.S. President Donald Trump, who recently revoked Chevron's license in Venezuela due to electoral issues, as a chance to increase pressure on President Nicolas Maduro's administration. The revamped hydrocarbon reform plan is designed to be more appealing to U.S. and international oil corporations.

The reform includes reducing the size of state-run PDVSA while offering its oil fields and infrastructure for private investment. By embedding international investment protection standards, the proposal hopes to attract global interest and revive Venezuela's vast but under-invested crude and natural gas resources.

(With inputs from agencies.)