Venezuela’s acting President Delcy Rodríguez has signed a sweeping overhaul of the oil industry, opening the sector to privatization and sharply reducing state control in a bid to attract foreign investment.

Axar.az, citing AP, reports that the law ends PDVSA’s monopoly over oil production and sales, allows private and foreign companies to fully manage projects, introduces flexible royalty rates, and permits international arbitration of disputes.

The reform marks a major reversal of socialist-era policies introduced under Hugo Chávez and comes as the United States begins easing oil sanctions and expanding U.S. companies’ ability to operate in Venezuela.

Supporters say the changes could revive the long-crippled oil industry and boost the economy, while critics warn that transparency and accountability safeguards remain weak.