Venezuela has published its first comprehensive oil regulation in more than eight decades, introducing a 29-page framework that governs the industry from wellhead to petrol pump.
The document, released in the official gazette on Thursday, notably omits any mention of Petróleos de Venezuela SA (PDVSA), the state-run company that has long dominated the sector.
The move aligns with ongoing efforts to restructure the country's $150 billion debt and alleviate financial strain, although the immediate impact on production levels remains to be seen.
This absence marks a significant departure from historical precedent, where the national oil firm was central to all regulatory and operational directives.
The regulatory update arrives as Caracas seeks to stabilize its energy sector amid broader economic challenges.
By establishing a clear legal framework that operates independently of the state company's direct oversight, the government appears to be laying the groundwork for greater transparency and potential foreign investment.
The move aligns with ongoing efforts to restructure the country's $150 billion debt and alleviate financial strain, although the immediate impact on production levels remains to be seen.