Venezuela's parliament advances overhaul of hydrocarbons law

Venezuela's National Assembly on Thursday approved a partial reform of the country's Organic Hydrocarbons Law, to modernize the energy sector.

The bill, submitted by Acting President Delcy Rodriguez during her annual address to the nation on Jan. 15, amends or adds 18 articles and focuses on three main areas. Lawmaker of the pro-government Somos Venezuela movement said the reform seeks to adapt the legal framework to changes in global energy markets and encourage joint development between the public and private sectors.

Opposition lawmaker of the Democratic Action party welcomed the proposal, saying it was time to update the hydrocarbons law after two decades in force.