Official Gazette with latest reform of the Organic Law of Hydrocarbons 2006

This document is part of the source library for NRGI's 2017 Resource Governance Index, a comprehensive measure of the quality of natural resource governance in 81 oil, gas and mineral-rich countries. To access the full dataset and all other index resources, visit https://resourcegovernanceindex.org.

Data and Resources

Additional Info

Field Value
Extractive Sector Oil and Gas
Country Venezuela, Bolivarian Republic of
Year 2006
Natural Resource Charter Precept Precept 2: Accountability and Transparency, Precept 3: Exploration and License Allocation, Precept 4: Taxation, Precept 5: Local Effects, Precept 6: Nationally Owned Resource Companies, Precept 7: Revenue Distribution, Precept 8: Revenue Volatility, Precept 9: Government Spending
Document Type Case
RGI Sub-component Licensing
RGI Questions 1.1.9a: Is the government required to publicly disclose all signed licenses/contracts with extractive companies?,
1.1.10a: From 2015 onwards, has the government publicly disclosed signed licences/contracts?,
1.1.7b: Do rules require public disclosure of beneficial owners of extractive companies?,
1.1.5d: Are there rules that companies can follow to appeal licensing decisions?,
1.1.10d: Is the legislature required to ratify licenses/contracts?,
1.2.6b: Is the national tax authority required to audit extractive companies?,
1.3.6a: From 2015 onwards, have the procedures governing rehabilitation and closure of extractive projects been adhered to?,
1.4a: What proportion of equity shares does the government own in extractive companies?,
1.4.1a: Are there rules governing fiscal transfers between the government and the SOE?,
1.4.3a: Is the SOE required to publicly disclose annual reports containing information on its finances and operations?,
1.4.7d: Are there rules that require the SOE or government to publicly disclose information on the sale of production by the SOE?,
1.4.10a: Does the SOE have a publicly available code of conduct?,
1.4.3c: Is the SOE required to submit annual reports to the legislature on its commercial, non-commercial (i.e. regulatory) and non-operational activities (i.e. activities not related to resource extraction)?,
2.2.4a: Do rules require that an external body periodically audit the transfers of extractive resource revenues to subnational governments?,
2.3.2c: From 2015 onwards, has the government adhered to the numeric rules governing the size of withdrawals from sovereign wealth funds?
Did this document contribute to RGI scoring? Used for scoring
Are the RGI questions here tagged with law and/or practice Law and
Practice (Both)
Publisher Gaceta Oficial de la República Bolivariana de Venezuela
Author
Source or API link http://historico.tsj.gov.ve/legislacion/LeyesOrganicas/16.-GO_38493.pdf
Version 2017 Resource Governance Index
Maintainer Natural Resource Governance Institute
Maintainer Email Natural Resource Governance Institute