Venezuela’s National Assembly on Thursday passed sweeping reforms to the country’s hydrocarbon law, less than one month after the US' shock ouster of President Nicolas Maduro. As with CPPs, these private sector partners will receive remuneration through a percentage of production, according to a briefing by law firm Mayer Brown on the draft reforms. The latest draft allowed for generalized rates below 30% at the discretion of the state — and full state discretion on raising rates back up to the 30% ceiling. However, the latest draft specified that arbitration is optional rather than guaranteed. Interim President Delcy Rodriguez, who introduced the initial reform package just two weeks ago, is expected to sign the law imminently.