The Energy and Petroleum Commission of the National Assembly presented the Hydrocarbons Law project, which proposes to modernize and promote the national oil industry in order to attend the need for fuel in the country and guarantee that Venezuela will once again be an exporter of crude oil.
In a press conference, Congressmen Elías Matta and Luis Stefanelli informed that by means of a radical change in the its management, the National Assembly seeks to modernize and adapt the current Venezuelan Hydrocarbons Law and to re-launch the position the nation had in oil matters and give legal security to the investment in the sector.
They explained that in this project two laws were merged: the Liquid and Gaseous Hydrocarbons law and two projects were combined: the Reform project led by Representative Matta and the New Law presented by Luis Stefanelli.
Congressman Luis Stefanelli asserted that it is false that this bill seeks to privatize PDVSA, although he pointed out that PDVSA is going to be restructured so that it will once again be an efficient and competitive company, in which the incorporation of the private sector is necessary to promote and energize the country’s economy. “With this law, the Venezuelan Agency of Hydrocarbons will be created as a new administrative entity in this matter and whose attributions will extend to intermediate waters. All these processes will be governed by this new autonomous institute, the Venezuelan Agency of Hydrocarbons”.
On his part, Congressman Elías Matta affirmed that the 21st century socialism ended the oil industry in the country. “They fired more than 20 thousand qualified workers and changed contracts through mixed companies. PDVSA has dedicated these 20 years to carry out any and every activity except taking care of its own industry. The national production of barrels of crude fell abruptly, in relation to countries such as Brazil”.
Stefanelli stated that this law will help rebuild the Venezuelan oil industry through a transparent administration of the most important resource of all Venezuelans. Matta agrees with this position and affirmed that this new law seeks to give new life to our industry and obtain the necessary income to energize the country’s economy.
This project will now go through a first and second discussion in the plenary of the National Assembly for its final approval, which they propose to take place before the end of the current administration.