Why did Venezuela's PDVSA hire Greenberg Traurig, and what is the firm’s stated role?

PDVSA hired Greenberg Traurig to help expedite contract negotiations with international companies ahead of an August regulatory deadline tied to Venezuela’s reformed hydrocarbons law. According to the law firm’s emailed statement, it is advising PDVSA 'in connection with prospective oil contracts and related legal and regulatory compliance.'

What urgent factors are driving PDVSA to finalize oil deals before August?

PDVSA is rushing to lock in oil production deals before August to comply with a regulatory deadline set by Venezuela’s reformed hydrocarbons law approved in January; this urgency is intensified by the recent slide in global oil prices—triggered by the preliminary end of US hostilities with Iran—and the need to expand production and exports quickly to generate revenue for Venezuela’s fragile economy following the US-backed removal of Nicolás Maduro in January.

Venezuela Hires Law Firm to Help Negotiate Oil Production Deals

Jun 18, 2026

PDVSA hired Greenberg Traurig to expedite oil contract negotiations before an August regulatory deadline. The initiative aims to revive Venezuela's oil industry amid easing US sanctions and fluctuating global prices.

bloomberg

2026-06-18

Venezuela Hires Law Firm to Help Negotiate Oil Production Deals

Venezuela Hires Law Firm to Help Negotiate Oil Production Deals

FAQ