Venezuela's Dual Hydrocarbons Regime
Article from: OGEL 2 (2003), in Roundup of Articles
Summary
The hydrocarbons industry in Venezuela is currently governed by the Organic Hydrocarbons Law ('Hydrocarbons Law') and by the Organic Law of Gaseous Hydrocarbons 'Gas Law'). Although both laws were enacted by the Government through delegation of powers from the National Assembly, they provide two distinct regulatory systems. One is a petroleum regime that reserves hydrocarbon activities to the State and, with exceptions in some areas such as new refining capacity, discourages further private investment. The other is a gaseous hydrocarbons regime characterized as non-reserved and designed to ...