Regulation of the Organic Law of Gaseous Hydrocarbons

Country / jurisdiction: Bolivarian Republic of Venezuela · Year: 2000 · Status: In force · Level: National · Type: Voluntary

This regulation covers activities pertaining to the Ley Organica de Hidrocarburos Gaseosos, including non-associated gas production, processing, transportation, storage and use within Venezuela. The regulation stipulates that holders of permits must provide information required by the government and allow authorised officials to access their facilities for inspections. Article 36 states that the government is due a 20% participation royalty on any produced volume of non-associated gas which is not reinjected. The regulation also requires extensive measurement equipment that is up to best international standards. While the regulation does outline royalty rates associated with gas production, it does not outline additional rates associated with gas flared, vented or otherwise not utilized.

Official source: http://www.minpet.gob.ve/images/biblioteca/leyes/Reglamento_de_la_Ley_Organica_de_Hidrocarburos_Gaseosos.pdf