Venezuela’s Acting President Delcy Rodriguez has submitted a bill to Congress aimed at overhauling the country’s hydrocarbons legislation to encourage foreign investment, particularly from the United States. The proposed changes seek to integrate flexible production approaches, similar to those in the “anti-blockade law,” into the permanent Organic Law on Hydrocarbons.

The reform is intended to provide legal certainty for investment in underdeveloped oil fields, many of which currently lack infrastructure and have seen little prior development. Historically, Venezuelan law required that state-owned Petroleos de Venezuela (PDVSA) maintain a majority stake in any joint venture with international companies, limiting outside participation.

Rodriguez’s push comes at a pivotal moment as US investors have been advocating for greater access to Venezuela’s energy sector under the country’s new leadership. In a notable step, the US recently completed its first crude purchase from Venezuela under the current administration, valued at $500 million, as part of a larger $2 billion energy agreement finalized earlier this month.

Sworn in on January 5 following the removal of Nicolas Maduro, Rodriguez also discussed potential diplomatic engagement with Washington, pledging to represent Venezuela’s interests with dignity and sovereignty. She criticized ongoing US restrictions, including a naval blockade initiated last September, which she said has limited Venezuela’s economic opportunities.