HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 26.May.2026, Words: 127) — The recent signing of oil contracts in Venezuela with International oil companies (IOCs) from US’ Chevron Corporation to Italy’s ENI is a key step for the OPEC country’s development, made possible, in part, by the reform of its hydrocarbons law.
The reform completely changes the landscape for IOCs seeking to operate in Venezuela, which were previously bound by legislation that limited their scope and execution.
