ISSUES....
Inside, confidential, off the record

Gas law ready to change

It seems that the Venezuelan government is going to make some changes to the 1999's, venezuelan gas law (Ley de Hydrocarburos Gaseosos) within the next six months. Apparently, the government is finding that some companies with gas licensees are paying very little in royalties, due to the exemptions of taxes written in the regulations of the law. So the idea should be to get the companies to paid the full 20% royalty written in the Law, but it seems that in addition to eliminate the loop holes of the regulations, they are also evaluating the possibility to raise the tax royalty base, now that prices are way up, compare to the 1999 gas prices and to follow other countries experiences in higher gas tax royalty rates.

Petroleumworld 11 14 06

ISSUES....

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