Venezuelan MPs back oil sector reform on first reading

Venezuelan lawmakers on Thursday backed plans to lift controls on private investment in the country's oil sector, paving the way for the return of US oil companies, as sought by President Donald Trump.

Over the past two decades, private companies were only allowed to operate in joint ventures with state-owned oil firm PDVSA, which insisted on holding a majority.

MPs backed a bill that allows for "private companies domiciled in the Bolivarian Republic of Venezuela" to independently engage in oil exploration and extraction. The bill has, however, not yet been adopted.