Will the Government reverse Venezuela's oil opening? A few tax considerations
Article from: OGEL 4 (2004), in Taxation
After nationalization of the oil industry in 1975, all upstream, midstream and downstream activities were carried out exclusively by the national oil company (Petróleos de Venezuela, S.A. ("PDVSA") and its affiliates). However, in the mid nineties, Venezuela adopted important changes to this policy in order to attract new investments. Such changes, known as the "Apertura Petrolera" or Oil Opening, consisted in tendering marginal fields, high-risk exploration areas and extra-heavy crude projects for the participation of private investors through service contracts ...