Venezuela's acting President Delcy Rodriguez signed into law a comprehensive reform of the country's main oil legislation on Thursday (January 29) after she said she received a phone call from U.S. President Donald Trump announcing the lifting of restrictions on the nation's commercial airspace, Reuters reports.
The National Assembly approved sweeping changes to the hydrocarbons law that reduce taxes, expand private producer autonomy, and enable asset transfers and service outsourcing.
Rodriguez announced during the signing ceremony that Trump and Secretary of State Marco Rubio informed her that airlines and investors would be able to return to Venezuela as part of ongoing discussions between the two governments.
The changes are expected to boost much-needed increases in oil and gas production and foreign investment following Trump's proposed $100 billion reconstruction plan for the industry.
Rodriguez also revealed that Venezuela would export its first-ever shipment of natural gas in the coming hours, with a vessel already positioned in the country. Following the reform's approval, the Trump administration eased sanctions on Venezuela's energy industry through a general license authorizing transactions related to Venezuelan oil exports, according to the U.S. Treasury Department.
The accelerated reform comes after 20 years of strict nationalization and asset expropriation that previously belonged to foreign companies, including U.S. giants Exxon Mobil and ConocoPhillips.
