Legal Diagnosis On The Current Venezuelan Oil and Gas Industry
Published On Fri 7 Sep 2018 by Cesar R. Mata Garcia, CEPMLP PhD Alumnus 2013
In the last 19 years, the Venezuelan oil production has declined from 3.1MBD to 1.4MBD, according to the official numbers that of the Venezuelan Government reported to the OPEC during the last month of July 2018. This declination of almost 1.7MBD over the average volume of oil production, combined with the lack of development of the Oil and Gas industry in Venezuela, is due to various political, economic, working, management and legal aspects.
The current situation has generated multiple –internal and external– concerns between the different disciplines that make up the commercial activity of the industry. Many of the recent analysis elaborated to find solutions to the increasing decline of crude oil production and to the reactivation of the Venezuelan Oil and Gas industry are mainly political, economic and financial analyses due to the impact that the lack of foreign currency income (derived from oil trade on the international market) has for Venezuela.
Dr Cesar R. Mata Garcia completed his PhD with CEPMLP in 2013. His thesis was entitled ""Applying Principles of Administrative Law to Investor-State Treaty Arbitrations". Just this week he was appointed Legal Adviser of the Venezuelan Petroleum Chamber.