VENEZUELA’S PARLIAMENT HAS adopted a bill that throws its oil industry open to private investors, in line with US demands following the toppling of leader Nicolas Maduro.

MPs in the South American country adopted reforms to a hydrocarbons bill that roll back decades of tight state control over foreign investment in the sector.

Following the fall of Maduro, Venezuela’s interim president Delcy Rodriguez quickly signed oil agreements with US President Donald Trump, who has declared that his administration now controls the sector – the main engine of the Venezuelan economy.

Trump also said that major oil companies were “going to Venezuela now, scouting it out and picking their locations.”

Venezuela's acting President Delcy Rodriguez flashes a vee hand sign after the MPs backed legislation to loosen state control on the oil industry. AP AP

Lawmakers in the South American country adopted reforms to a hydrocarbons bill that roll back decades of tight state control over foreign investment in the sector.

In order to lure private capital into an industry reeling from years of US sanctions, the bill also makes the royalties regime more flexible.

“Only good things will come after the suffering,” vowed National Assembly president Jorge Rodriguez, brother of the interim president.

Under the legislation, private companies can independently engage in oil exploration and extraction and commercialization without having to enter joint ventures with state oil company PDVSA.

PDVSA was required to hold a majority stake under the previous arrangement.

The reform lays the ground for the triumphant return of US oil majors to the Caribbean country, less than a month after the US overthrow of Maduro.

Trump had threatened a similar fate for Maduro’s former deputy-turned successor Delcy Rodriguez if she did not give Washington access to Venezuelan crude.

Trump orders airspace to reopen

Trump said he had ordered commercial airspace over Venezuela to be reopened today, nearly four weeks after the US military operation to topple Nicolas Maduro.

Trump told a cabinet meeting he had just spoken to Rodriguez “and informed her that we’re going to be opening up all commercial airspace over Venezuela.”

“American citizens will very shortly be able to go to Venezuela and they will be safe there. It’s under very strong control,” Trump said at the White House.

Trump added that he had instructed US Transportation Secretary Sean Duffy “and everybody else concerned, including the military, that if you would, by the end of today, I’d like you to have the airspace over Venezuela” opened.

About two hours after Trump’s announcement, the Federal Aviation Administration announced on X that it had removed four notices to airlines warning about airspace in the region, including over the South American nation.

The United States has kept Venezuelan airspace closed to commercial flights since the 3 January military operation that captured leader Maduro, who now faces trial on drug and terrorism charges in New York.