Venezuela Appoints Paula Henao Oil Minister Amid Sector Reform

Venezuela’s acting president Delcy Rodriguez has appointed Paula Henao as the country’s new oil minister, promoting her from vice oil minister as the government pushes ahead with changes in the energy sector and efforts to draw foreign investment.

The appointment comes during a period of political transition and economic restructuring in Venezuela. Rodriguez had previously overseen the oil portfolio while serving as vice president.

The position became vacant after she assumed the presidency following the U.S. capture of former president Nicolas Maduro earlier this year.

Henao now takes charge of the oil ministry at a time when Venezuela is attempting to rebuild its energy industry.

• Venezuela appoints Paula Henao as oil minister amid reforms
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The country holds some of the world’s largest proven crude reserves, but oil production has fallen sharply over the past decade due to sanctions, lack of investment, infrastructure deterioration and operational challenges.

Venezuela’s oil sector remains central to the country’s economy, with crude exports historically accounting for the majority of government revenue. Reviving production is seen as essential for economic recovery and for stabilising public finances.

Her promotion also comes as Venezuela moves to open parts of its energy sector to international companies. The United States has encouraged the country to allow American firms to participate in oil and gas projects as part of broader efforts aimed at increasing production and restoring exports.

Earlier this year, Venezuela’s legislature approved revisions to the hydrocarbons law that expanded the oil ministry’s authority and introduced measures aimed at attracting private investment. The reforms include lower tax rates, greater operational flexibility for private producers and provisions allowing outsourcing agreements and asset transfers.

Government officials say the policy changes are designed to increase output and bring capital into the sector after years of decline. The reforms are also connected to a broader reconstruction strategy focused on rebuilding the country’s oil industry and energy infrastructure.

Rodriguez said Henao’s experience within the ministry would support ongoing policy implementation and operational management in the sector.

Henao previously served as deputy oil minister and was involved in policy planning and regulatory matters linked to Venezuela’s hydrocarbons industry.

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Industry analysts say the new appointment will be closely watched as Venezuela attempts to increase production, restore investor confidence and stabilise its energy sector during a period of economic rebuilding.