As the Trump administration continues its push to revive Venezuela’s oil sector and attract international investment, questions remain about whether the country’s recent regulatory reforms go far enough to encourage major energy companies to return. Haynes Boone Partner Sudan Maccio spoke with POLITICO about the draft regulations, noting that while they represent a positive starting point, the measures remain heavily weighted toward state control and may ultimately undermine the law’s broader liberalization goals.
Read an excerpt below:
Sudan Maccio, a Houston-based partner at Haynes Boone and former PDVSA attorney, said the draft regulations are a “positive starting point” but don’t go far enough to reduce the government’s control over production.
“While the regulations appear to seek a balance between attracting private investment and preserving State control, the current implementation mechanisms tend to lean toward State control, pervasively discretionary in some cases, which may ultimately undermine the law’s liberalization objectives,” Maccio said in an email.
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