The recent amendment to the Organic Hydrocarbons Law in Venezuela marks a structural break from how the country historically partnered with international oil companies. To understand its real impact, we must compare what’s coming with what worked in the 1990s Apertura Petrolera. Then (1990s – Apertura Petrolera): The operating model was based on Operating Agreements: • International companies operated the fields. • Clear technical autonomy and decision-making. • Risk was assumed by the operator.
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