Key facts
- Venezuela enacted regulations for its hydrocarbons law.
- New heads were appointed for state oil company Pequiven and the national tax agency Seniat.
- The government aims to leverage oil reserves for national development and reconstruction.
- Jose David Cabello was appointed head of Pequiven.
- Roman Maniglia was appointed head of Seniat and continues as head of the Bank of Venezuela.
- Calixto Ortega Sanchez was named president of the Bank of Venezuela.
Venezuela's acting president Delcy Rodriguez and oil minister Paula Henao have enacted the framework of regulations needed to implement recent reforms to the main hydrocarbons law. Almost 1,400 regulations issued over the last 83 years of oil activities were studied and analyzed to incorporate best practices into the new framework, Rodriguez stated during a televised event. She emphasized that the goal is to transform the country's oil reserves into national development and reconstruction resources, particularly in the aftermath of recent earthquakes. The government still needs to publish the full text of these regulations in the official gazette. In parallel, Venezuela has seen significant leadership changes in its state-run entities. Jose David Cabello has been appointed as the new head of the state petrochemical company Pequiven, and Roman Maniglia will lead the national tax agency Seniat. Maniglia will also continue his role as president of the state-run Bank of Venezuela, a position to which Calixto Ortega Sanchez has been named. Jose David Cabello previously led Seniat for over a decade. These appointments come as the government focuses on economic stabilization and supporting families affected by recent devastating twin earthquakes.