regulations

Caracas, July 13, 2026 (venezuelanalysis.com) – The Venezuelan government has approved a new set of oil industry regulations that prioritize the “economic and financial viability” of private sector investment.

Acting President Delcy Rodríguez signed the statute on Wednesday, July 8, and it was published in the National Gazette. Rodríguez hailed the directive a “historic step” that will “transform our energy reserves into development.”

“These norms establish clear rules, greater legal certainty, and a favorable environment for the cooperation between the [Venezuelan] state and national and foreign capital,” the acting president said.

Western oil executives and Trump officials have aggressively lobbied to tailor the new rules to their interests after seeing preliminary drafts. White House energy advisor Jarrod Agen stated that he had contact with Rodríguez and her team “multiple times a day” to offer input on the regulations and contract models.

The 122-article text establishes the framework for the implementation of the reformed Hydrocarbon Law approved by the Venezuelan National Assembly in late January. The legislative overhaul replaced the 2001 Hydrocarbon Law approved by former President Hugo Chávez and subsequent decrees that established a leading role for the Venezuelan state in the energy sector.

Under the new law, private sector companies can take over oilfield operations and sales as minority joint venture partners, or via concession-type agreements.

The legislation also slashed royalties and fiscal contributions. The former was capped at 30 percent, and a former extraction tax was replaced by an “integrated hydrocarbon tax” with a 15 percent maximum.

However, the new statute defines a “combined contribution” of royalties and the integrated tax ranging from 20 percent for undeveloped greenfields to 35 percent for currently active brownfields, meaning an effective 10 percent further reduction from the 45 percent maximum defined under the law.

Companies are eligible for additional 5 percent discounts in their combined contribution if they run offshore operations or if their business plans include “building or amplifying crude transformation, upgrading, or refining plants.”

Income tax was lowered from 50 to 34 percent for greenfields under the 2026 legislation. But the regulations establish that companies can request further reductions to their royalty, integrated tax, and income tax contributions if necessary to attain “economic equilibrium.” The decisions will be taken by the Venezuelan executive on a case-by-case basis without any mandatory oversight from the National Assembly.

The reformed energy law allowed legal disputes to be settled by international arbitration bodies, with Venezuelan officials promising  “legal certainty” to investors. The new norms permit arbitration re via “alternative mechanisms,” with analysts suggesting that the vague language aims to avoid any clashes with US sanctions.

The directive also set an obligation to capture “associated gas” in oil extraction operations, which can be used for reinjection or transformed into cooking gas. Historically, it has been mostly flared. Oilfield operators are likewise mandated to secure their electricity supply. The Venezuelan National Assembly is presently working on reforms to open electricity generation, transmission, distribution, and commercialization to the private sector.

The enacted framework goes on to establish environmental responsibilities, oversight mechanisms, and penalties for non-compliance. State oil company PDVSA is not mentioned at all in the text.

Venezuelan oil expert Blas Regnault told Venezuelanalysis that the new norms risk turning the oil sector into an “enclave.”

“The regulations organize oil activity but do not guarantee that it will be integrated into the national economy,” he explained. Regnault warned that empowering corporations to negotiate royalties on an individual case-by-case basis “turns a sovereign right into a flexible variable in a contractual regime” in what is an “unusual” practice for oil-producing nations.

“Royalties are not taxes. They represent the sovereign right of the owner of the resource, and thus should be universally established, not negotiated project by project,” he underscored.

The pro-business opening of Venezuela’s most important industry has seen major Western corporations, including Chevron, Shell, and BP, ink agreements or memoranda of understanding with the acting Rodríguez administration to develop new projects or establish more favorable conditions in existing ones.

For its part, the Trump administration has kept in place sanctions against the Venezuelan oil industry, though it has issued a number of licenses allowing US and Western enterprises to enter into agreements with Caracas. However, the waivers mandate that all royalty, tax, and dividend payments be deposited in a US Treasury-run account, while also blocking transactions with firms from China, Cuba, Iran, North Korea, and Russia.

The maintenance of US sanctions has slowed new investment, while the Trump administration has so far returned only a fraction of Venezuelan export revenues to Caracas. 

The dire economic situation is indexed in persistent inflation and stagnating oil production. Venezuela’s crude output plateaued after four consecutive months of growth, with June’s 1.070 million barrel-per-day (bpd) output virtually unchanged from May, according to OPEC secondary sources. The figure remains the highest since early 2019.

For its part, PDVSA reported 1.187 million bpd in June, up from 1,179 million bpd in May. Direct and secondary measurements have historically differed over disagreements on the inclusion of condensates and natural gas liquids.

The South American country’s main crude extraction areas, in the eastern and western regions, were largely unaffected by June 24’s double earthquake, with no major disruptions to operations reported.

Edited by Lucas Koerner in Caracas.t issued a number of licenses allowing US and Western enterprises to enter into agreements with Caracas. However, the waivers mandate that all royalty, tax, and dividend payments be deposited in a US Treasury-run account, while also blocking transactions with firms from China, Cuba, Iran, North Korea, and Russia.

Venezuela’s oil production has stagnated after four consecutive months of growth, with June’s 1.070 million barrel-per-day (bpd) output virtually unchanged from May, according to OPEC secondary sources. The figure remains the highest since early 2019.

For its part, PDVSA reported 1.187 million bpd in June, up from 1,179 million bpd in May. Direct and secondary measurements have historically differed over disagreements on the inclusion of condensates and natural gas liquids.

The South American country’s main crude extraction areas, in the eastern and western regions, were largely unaffected by June 24’s double earthquake, with no major disruptions to operations reported.

Edited by Lucas Koerner in Caracas.

New rules have come into force from June in the first update for three years

TUI Airways has officially updated its Flight Conditions of Carriage, with the new rules taking effect for bookings starting June 5, 2026. ^{If you booked your getaway before this date, the previous rules (from March 2023) still apply to your trip.}

The update streamlines legal language, tightens health policy provisions, and explicitly outlines fees for amendments. The TUI Conditions of Carriage is the official legal contract between you and TUI Airways when you buy a flight. ^{The rules apply to every single passenger flying on a TUI Airways aircraft. This includes people who bought a “Flight Only” ticket and people who booked a TUI package holiday (where the flight is included).}

It is a dense legal document split into distinct “Articles” (usually around 15–20 pages if printed). Because nobody reads the full text while packing, it is designed to protect both the airline’s operations and outline your consumer rights. In short, they state: “We promise to fly you and your bags to your destination, provided you show up on time, behave yourself, bring valid legal documents, and don’t pack anything dangerous.”

It covers rules around baggage size and weights, ticket validlty and banning passengers. The key updates and points of focus in the 2026 conditions include:

1. Health Requirements & Mask Policies (Article 1)

While daily travel has largely returned to normal, TUI has modernised its terms to give them a clear mandate for future public health scenarios:

• Conditional Mask Requirements: The rules specify that if a local government or health authority mandates them, you must wear an appropriate mask at the airport and on board. ^{Failing to comply can result in a refusal of carriage, and taking it off mid-flight will be treated under TUI’s disruptive passenger policy.}
• Health Statements : TUI retains the right to require you to fill out a health statement prior to flying out of or returning to a UK airport. ^{Passengers showing symptoms of a major health outbreak, epidemic, or pandemic will be denied boarding.}

2. Name Corrections vs. Substitutions

• Spelling Mistakes: You can still correct genuine typos or spelling mistakes on your ticket for free, as long as TUI can reasonably verify it is an honest mistake.
• Name Substitutions : If the change amounts to transferring the ticket to an entirely different person, it will not be treated as a free correction and will incur standard amendment/transfer fees.

3. Ticket Validity and Amendment Fees

• Validity Period: Tickets remain valid for exactly one year from the date of issue.
• Compassionate Exceptions: In the tragic event of a passenger passing away en route, or a death in a passenger’s immediate family after travel has started, TUI explicitly permits the tickets of the passenger and their accompanying immediate family to be changed so they can fly at a different time.
• Voluntary Amendments: If you decide to change your flight details (date, time, or destination) 29 days or more before departure, you will face a baseline amendment charge of £50 / €50 per passenger per booking, plus any difference in the fare price, taxes, or associated fees.

Though technically part of their package holiday booking terms rather than the Flight Conditions of Carriage, TUI also launched a highly publicized Price-Match Promise. ^{If you book a package holiday and find the exact same TUI-flight-inclusive deal cheaper elsewhere, you can claim a refund for the difference—but you must submit the claim within 72 hours of your original booking.}