This legislation regulates activities related to the exploration, collection, storage, use, processing, industrialization, transport, distribution as well as internal and external commercialization of gas. It determines that all national gas deposits belong to the Republic of Venezuela. It confers the National Executive, by an organ of the Ministry of Energy and Mines, the exercise of national jurisdiction over hydrocarbons to which this law refers and, consequently, the powers to plan, monitor, inspect and enforce all matters provided by this law and related activities. It requires that proponents carry out activities continuously and efficiently, using the best available scientific and technical practices on safety and hygiene, environmental protection, and the rational use of hydrocarbons. It also requires that companies obtain a permit from the Energy and Petroleum Ministry to undertake oil and gas developments.
It was partially superseded by the Hydrocarbons Organic Law (Ley Organica de Hidrocarburos) of 2006 that restricted its scope to the regulation of gaseous hydrocarbons not associated with petroleum.