Venezuela - Energy and Mining Sector Reforms: Key Legislative Updates

These measures represent a significant policy shift following many years of predominantly state-centred regulation.

Energy sector reforms

In January 2026, Venezuela’s National Assembly approved amendments to the Organic Hydrocarbons Law, representing the first significant reform of the oil sector since 2006. The changes allow greater participation by private companies, including the use of Production Participation Contracts and more flexible royalty arrangements, while maintaining constitutionally mandated state involvement in joint ventures. The reforms also introduce updated dispute resolution provisions and operational flexibilities designed to support investment.

Mining sector proposals

Proposed legislation submitted in early 2026 seeks to attract international investment into Venezuela’s mining sector, covering commodities such as gold, iron, and bauxite, as well as other minerals relevant to global supply chains. These proposals are part of broader efforts to diversify foreign currency sources and expand non-oil production.

Key considerations

While these developments signal a shift toward increased private-sector participation, Venezuela remains a highly complex jurisdiction. Businesses must carefully consider regulatory requirements, sanctions regimes, political risk, and the evolving legal framework when assessing potential opportunities.

Join our online session

To help you further understand the practical implications of these reforms. Jose Manuel Ortega and Jose Antonio Eliaz will provide on-the-ground perspectives and answer questions directly in a live online session on Tuesday 3 March at 4pm UK time. Register here. 

Alliott Global Alliance member firms continue to monitor these developments and can advise clients on the cross-border implications of regulatory change in Venezuela and the wider region.

For further information please contact José Antonio Eliaz Rodriguez, José Manuel Ortega or alternatively Sophia Rook-Blackstone at the Executive Office.

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