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Venezuela Oil Ventures Questioned by Maduro's Constitution Aide

  • Government lawyer says joint ventures should be revised
  • Move could lead to further outout declines, analyst says
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Why Venezuela's Many Crises Keep Getting Worse

Oil joint ventures that account for about 40 percent of Venezuela’s output are being thrown into question by the man advising President Nicolas Maduro in rewriting the constitution.

“We’re going to change it,” Hermann Escarra, a constitutional lawyer who participated in the crafting of the country’s current charter and is advising Maduro on attempts to rewrite it, said on July 4 in a speech to workers at Petroleos de Venezuela SA to widespread applause, referring to article 303 that allows private ownership of some oil resources through minority stakes in joint ventures with the state producer.