By Juan Carlos Andrade
January 10th, 2022
An article prepared by Mr. Juan Carlos Andrade, Senior Partner of LEC Abogados, a Venecápital member law firm, explains how production increased from 336,000 b/d in July 2020 to 930,000 b/d in December 2021, despite international economic barriers and the COVID pandemic.
The article highlights Venezuela's comparative advantages in terms of production costs, existing facilities, strategic geographic location, and qualified personnel. It also analyzes public policies, including contractual arrangements for productive services, strategic alliances, anti-blockade law, debt restructuring, direct private investment, and legislative agenda.
Juan Carlos Andrade is a Senior Partner of LEC Abogados and President of Araya Energy Group. Mr. Andrade is also Legal Counsel of the Venezuelan Petroleum Chamber (2020-2022). He obtained his law degree from Universidad Católica Andrés Bello, in 1995; Master of Laws (LL.M.) from London School of Economics “Cum Laude” 1996. Mr. Andrade teaches “Hydrocarbons Law” at Universidad Monteávila, is a fellow visiting Professor at Queens Mary, London University at the Financial and Economic Legal Department and is a Guest Lecturer at IESA’s “International Hydrocarbons Management Program”.