Introduction

Venezuela has recently gone through an important nationalization process of the operations that, until now, had been conducted by private companies under operating services agreements and association agreements which were granted during the Apertura Petrolera process in the 90s.[1] The oil industry in Venezuela is currently governed by the Organic Hydrocarbons Law ("OHL").[2] The aim of the OHL is to considerably increase state control over oil activities and reduce the possibility of opening the oil sector to private participation. Under Article 22 of the OHL, ...