1829 (October 24)
• DECREE OF MINES. Enacted by the Liberator Simón Bolívar. Guarantees sovereignty over "mines of any kind", including hydrocarbons. First nationalization of soil and subsoil resources, applied to the Republic of Colombia.
1905 (August 14)
• MINING LAW. For the first time, it distinguishes oil and similar products from the rest of the mines existing in the subsoil. It establishes jurisdictional sovereignty over hydrocarbons and constituted the legal basis for oil concessions.
1920 (June 19)
• Law on Hydrocarbons and other fuel minerals. First Venezuelan oil law. It was protested by the English and North American companies, achieving the enactment of a new law.
1930 (July 16)
• Creation of the Hydrocarbons Technical Service, the first petroleum organization.
1930 (November 24)
• First Venezuelan engineers travel abroad to train in oil operations.
1942 (July 17)
• Income Tax Law. Oil companies will have to pay taxes according to the amount of their liquid profits.
1943 (March 13)
• Hydrocarbons Law. It unifies all existing legal instruments since the Mining Code (1854). It increases taxes and royalties to a minimum of 16.66%., and promotes oil refining in the national territory. It was in force until the enactment of the Organic Law of Hydrocarbons (2001).
1946 (June 14)
• Achievement of the organized labor movement: Signing of the first collective agreement between the unions and the concession companies.
1948 (July 12)
• Reform to the Income Tax Law. Known as 50/50 or Fifty-Fifty. In no case could the oil industry receive greater profits than the Venezuelan State, and the sum of corporate taxes could not be less than half of the companies' profits.
1950 (December 30)
• Ministry of Mines and Hydrocarbons. Previously it functioned as the Directorate of Mines and Hydrocarbons, attached to the Ministry of Development. Santiago Vera is appointed as head of the Directorate to inaugurate the position.
• Graduation of the 1st graduating class of the School of Engineering of the Universidad del Zulia.
1971 (July 30)
•The National Congress enacts the Law of Assets Subject to Reversion in Hydrocarbon Concessions. Upon expiration of the concessions granted in 1943, all assets and facilities of the oil industry become property of the Nation.
• The Law for the Nationalization of the Oil Industry entered into force.
1999 (September 23)
• Organic Law of Gaseous Hydrocarbons. Like the Organic Law of Hydrocarbons, the Organic Law of Gaseous Hydrocarbons reaffirms the constitutional principle of public ownership of gaseous hydrocarbons.
2001 (November 13)
• Under the Constitution of the Bolivarian Republic of Venezuela, President Hugo Chávez enacted the Organic Hydrocarbons Law, thus initiating the Full Oil Sovereignty Policy, defined as national, popular and revolutionary.