Caracas, 16 January (H.S.): Venezuela's interim President Delcy Rodríguez vowed comprehensive reforms to the nation's Hydrocarbons Law during a parliamentary address on Thursday, signaling a strategic pivot to lure foreign investment following the U.S. military's dramatic ouster of Nicolás Maduro on January 3.

Rodríguez, who assumed power after Maduro's capture and rendition to New York for drug trafficking trial, promised legislative changes to ease restrictions on foreign entities exploiting Venezuela's vast nationalized oil reserves—estimated at one-fifth of global totals—while tweaking anti-blockade measures enacted against U.S. sanctions since 2019.

Production languished at one percent of world output in 2024 due to chronic underinvestment, though it rebounded to over one million barrels per day in 2025 from a nadir of 360,000, far below the three million peak of 25 years prior.

The announcements coincide with U.S. Energy Secretary Chris Wright's declaration of indefinite American control over Venezuelan crude sales, alongside Trump's urging of ExxonMobil and ConocoPhillips—exited in 2007 after ceding majority stakes to Hugo Chávez's state—to reinvest, despite billions in lingering claims.

Chevron remains the sole U.S. operator under sanctions exemptions, as Washington markets Venezuelan oil and seizes linked tankers amid cooperative prisoner releases, including five Americans this week.

Rodríguez framed the reforms as funding for untapped fields lacking infrastructure, aligning with Trump's post-capture praise of tremendous progress after their recent call and vows to bring Venezuela back through close oil collaboration, even as opposition leader María Corina Machado met him separately.

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Hindusthan Samachar / Jun Sarkar