The 2026 Hydrocarbons Law Reform represents the greatest liberalisation of Venezuela’s oil sector since its nationalisation in 1976.

On November 11, the three major oil companies signed a five‑year Production Sharing Agreement with the government of Guyana for shallow‑water Block S4 off Guyana’s coast, with TotalEnergies having the biggest share (40 %) and being the project operator. Qatar Energy holds a 35 % share, and therefore, Petronas holds 25 %.