Venezuela’s National Assembly on Thursday approved a sweeping overhaul of legislation governing the oil industry, granting foreign oil companies greater control over operations and potentially slashing the royalties they pay to the government. The new legislation gives foreign companies clear operational control over production ventures, effectively relegating the national oil company, Petróleos de Venezuela, to secondary status. The overhaul effectively reverses much of Venezuela’s nationalization of oil projects in 2007, which led U.S. oil giants like Exxon Mobil and ConocoPhillips to exit a country with some of the world’s largest oil reserves. Economic growth could reach 15 percent this year if oil investments materialize as a result of the overhaul, Mr. Grisanti said. The post Venezuelan Lawmakers Approve Sweeping Overhaul of Oil Sector appeared first on New York Times.