General license 46 complements hydrocarbon law

While OFAC issued license 46, simultaneously Venezuelan National Assembly approved on second discussion reform of hydrocarbon law. A few hours earlier, Presidents Donald Trump and Delcy Rodríguez agreed to reopen Venezuelan airspace. American Airlines has already expressed interest in flying between United States and Venezuela. This has been single day of maximum coordination and cooperation in bilateral relations: between both countries in their entire history. OFAC license 46 relies heavily on Executive Order 14,373 signed by President Donald Trump on January 9th, 2026 approving certain transactions involving Venezuelan government: on special United States Treasury accounts on behalf of Venezuela. OFAC license 46 allows United States entities to participate in Venezuelan petroleum business, while restricting such operations with entities belonging to North Korea, Cuba, Iran, Russia or China: as many of those countries still hold some investment in Venezuela. Within next few days, we will get a clearer understanding on how their participation will be affected.

Hydrocarbon law passed sets possibility of decreasing fees and revenues for government from 30% to 15% in case of greenfields. Plenty of derogatory measures were approved: involving complete withdrawal of obsolete laws that asked Venezuelan government to risk funds, investment and market share that we don't have. Ruling party of Venezuela is supposed to be socialist. However, their enthusiastic approval of these market oriented reforms suggests a shift to right: on a party that is supposed to be socialist. People's Republic of China is ruled by a communist party which increasingly behaves, thrives, and succeeds with capitalistic methods.

Critics of new Venezuelan hydrocarbon law complain that we are reverting back to one century ago: when dictator Juan Vicente Gómez ruled Venezuela as international companies came and went. However, in early and mid 20th centuries, Venezuela was one of most thriving growing economies: as during 19th century we were plagued by illness, civil war, and poverty. For much of 20th century petroleum industry developed among greatest on planet Earth. Early 21st century saw a temporary decline in Venezuelan proficiency in oil production, distribution, and strategy. However, with this new hydrocarbon law just approved, Venezuela should be on path of rapidly increasing production and exports.

President Trump guaranteed that American companies are already scouting Venezuelan terrain: in search of juiciest oil fields, both brownfield and greenfield. Venezuelan tourism sector is expected to increase, as there is increasing coordination between security departments in both Venezuela and United States: to provide security for American tourists and businessmen who will be flying American airlines. In reciprocity, Avior or Estelar are Venezuelan airlines that could be allowed to fly back into United States. Airports of Caracas, Maracaibo, and Barcelona serving central, western, and eastern Venezuela are potential ports of entry.

Many deputies of opposition were eager to present legislation in support of transparency at petroleum industry: such will be likely discussed in future sessions focusing on specific compliance and procedure laws, rather than general organic law that was approved on January 29th, 2026. A street demonstration in support of approval of hydrocarbon law went from National Assembly to Miraflores Palace: where Delcy Rodríguez confirmed that Venezuela is ready to receive new foreign investment and new commercial airline traffic. Venezuela's isolation is over. Venezuela is open for international business. Other laws are expected to be discussed shortly such as reduction of paperwork. Emphasis on improved business climate seems quickly being established by Delcy Rodríguez presidency in coordination with National Assembly led by Jorge Rodríguez.

There are early signs of improved conviviality between opposition and government: at least on grounds of National Assembly. It is still awkward to see Venezuelan government party acting as capitalist, while opposition is acting as socialist. Venezuelan people tend to be politically aligned with opposition but preferring capitalism. Apparent contradictions are evident. Socialist party has a lot of explaining to give to their constituency: who thought they were socialist and are now acting capitalist. While opposition parties have a lot to explain as well: as people thought those were capitalistic parties and they are behaving socialist. This clash of constituencies versus political parties, in contradiction with each other, might be a necessary requirement for finding middle ground.

Some wordings such as blockade and anti-imperialism are occasionally noted in new hydrocarbon law. However, those words are mostly decorative or legacy language: as commercial terms that will rule Venezuelan hydrocarbon industry closely meet international standards in most other countries. Venezuelans are still waiting for new transparency government website: which will inform efficiency of transactions, in accordance with United States agreements.

Chevron Corporation has announced an increase in their petroleum exports to United States during the month of March. Meanwhile, we are still at end of January. Last four weeks in Venezuela have been extremely hectic. The pace of daily changes is bewildering, while we still experience lag from policy approval into implementation that could extend prosperity for Venezuelan people, as Venezuelan daily life remains extremely rough while we continue facing chronic inflation and unemployment disgraces. However, there is a pathway clearly set for foreign income that should stabilize exchange rates, and therefore stabilize inflation.

Foreign investment in Petroleum industry, plus tourism generated by resumption of commercial flights and opening of airspace, could open up niche employment opportunities in tourism sector: as Venezuela continues holding some of greatest natural wonders in planet: mountains, Caribbean beaches, rainforests, high savannas with waterfalls, caves in both sea and land. Tourism industry would need investment in roads, local airports, hotels, cottages, and upgrades of restaurants.

Reform of hydrocarbon law is also needed, as Venezuelans will cherish having opportunity of working for private firms. Problem with Pdvesa has been that it has been extremely politicized: with many workers in a capital intensive industry. As Pdvsa is allowed to compete with majors from all over planet, Pdvsa authorities will be forced to improve their processes, and adequate their accounting standards so that their market share loss is gradual rather than an implosion. Complete destruction of Pdvsa is not desirable. Ideally, Pdvsa should be a medium-sized petroleum company: ready to compete in niche fields, while petroleum majors from international community would be scattered to develop most of Venezuela's petroleum. Well-paid jobs and transfer of downstream potential activities can be achieved much more quickly through private companies.

Resumption of commercial airlines into Venezuela will take some time: as some security arrangements must be arranged between Venezuela and United States. However, every day we are seeing positive developments, so maybe these lags should only be about a few weeks. We must cherish this improved relationship between Donald Trump and Delcy Rodríguez: as a solid Venezuela United States bilateral growth should benefit South America, Central America, North America and Caribbean alike. Dialogues between our governments, countries, political parties, and constituencies will continue reflecting contradictions: that historically arise from polarized debates. This pace of rapid change should foster pragmatic middle of ground approaches: for benefit of Venezuela and United States.