By means of Legislative Decree No. 923, dated January 3, 2024, which was published in the Official Gazette No. 6, dated January 10, 2024, and which became effective 8 days after its publication, amendments to the Hydrocarbons Law were approved, which in turn was published in the Official Gazette No. 52 of March 17, 1981; as of these amendments, the Hydrocarbons Law was renamed “Law for the Exploration and Exploitation of Hydrocarbon Deposits” (hereinafter the “Law”).
This Law was reformed with the purpose of encouraging investment, exploration and exploitation of the hydrocarbon sector, without the expenditure of State funds, through the innovation of awarding contracts to natural or legal persons interested in investing in said sector, as well as the discovery of oil and natural gas in the country or geological and geophysical data indispensable for the formulation of plans and policies that promote the hydrocarbon sector.
Relevant matters to highlight in the reform:
