With the objective of "massifying the production of hydrocarbons in Venezuela and recovering oil production levels," Luis Stefanelli, member of the Permanent Commission of Energy and Petroleum of the opposition-led National Assembly, presented a preliminary draft of what would be the new organic law of hydrocarbons for Venezuela.

According to the opposition deputy, the law would respect the contracts that are currently in force and would create the Venezuelan Hydrocarbons Agency, which would support government policies in the sector. Similarly, Stefanelli said the new law "will massify the production of oil needed in the country and open the doors to private sector investment."