Interview: Eduardo Calderón and Luis Palacios outline BLP’s strategy in Venezuela

At the same time, the country is undergoing relevant regulatory and economic changes in strategic sectors, creating a real space for opportunity. But that opportunity does not come alone: it is accompanied by regulatory complexity, risk and the need to structure any investment properly from the outset.

LATIN COUNSEL: Luis, as a Venezuelan lawyer now returning to the country, what has changed in Venezuela from your perspective?

Luis Palacios: For those of us who know Venezuela, one of the most interesting changes is not only in the new rules, but in the type of conversations that are taking place. A few years ago, many were asking whether Venezuela was even a market they could consider. Today, the questions are much more concrete: under what structure can they enter, what risks must they mitigate, what permits do they need, who can they do business with, and how can they execute an investment safely and efficiently. That change in the nature of the questions is very important.

Venezuela remains a complex market and we should not pretend otherwise. But it is also a different market from what it was a few years ago. During 2026, we have seen relevant changes in strategic sectors and greater openness to different forms of private participation. The challenge now is moving into execution and understanding how those changes are implemented and how viable projects can be structured within our new reality.

LATIN COUNSEL: Where, specifically, do you see the opportunity?

Eduardo Calderón: We are seeing activity and interest particularly in energy and hydrocarbons, mining, infrastructure, banking and project finance, insurance, compliance, and mergers and acquisitions. It is not a single-sector phenomenon: several fronts are moving at the same time, which is part of what makes Venezuela a market worth watching closely today. Growth could be exponential.

Luis Palacios: On the ground, what I see is that companies —both Venezuelan and foreign— are trying to understand a legal framework that has changed significantly in a short period of time. We also see the market beginning to move toward execution. There are companies that are no longer simply monitoring what is happening in the country; they are analysing projects, investment structures and specific regulatory requirements.

There is also a particular feature of this moment: several sectors are moving simultaneously. Hydrocarbons and mining are perhaps the most visible, but the investment needs go far beyond that. Venezuela needs capital, infrastructure, energy, financial services, technology, logistics, real estate and a significant range of services associated with any process of economic recovery.

LATIN COUNSEL: What are the risks? Isn’t Venezuela still a very complex market?

Eduardo Calderón: Yes, and we do not minimise that. The opportunity is significant, but so is the complexity. Investors need to approach Venezuela with sophisticated legal, regulatory and risk-management advice. Our role is to help clients assess opportunities, risks, the regulatory framework and appropriate structures before making decisions. A sophisticated investor does not need us to tell them that Venezuela has no risks; they need us to explain what those risks are, how they are changing and which ones can be managed.

Luis Palacios: Legal certainty and regulatory compliance remain central issues for any investor looking at Venezuela. Our role is to help them understand that environment rigorously, not to simplify it. Venezuela is not today a fully normalised market; it is a market in transition.

In a rapidly changing environment, local knowledge becomes even more important. It is not enough to read the legislation from abroad. You have to understand how the rules, regulators, permits, institutions and the operational reality of each industry interact.

LATIN COUNSEL: Why BLP, rather than an established local Venezuelan firm?

Eduardo Calderón: Venezuela has firms of excellent quality, and we do not see this as direct competition with them. Our differentiated proposition is different: combining local capability with an integrated regional platform. We do not see Venezuela as an isolated office. We see it as another component of BLP’s regional and international platform, which today connects Central America with representative offices in Spain and the United Arab Emirates. That allows an international client to coordinate a transaction across several jurisdictions under a single standard of service, rather than having to assemble different advisers in each country.

Luis Palacios: From my perspective, the advantage is not simply having a presence in Caracas; it is connecting Caracas with BLP’s entire regional platform. A client in Venezuela will have behind them teams in corporate, M&A, banking and finance, energy, mining, real estate, tax, compliance and other areas across the firm, while our regional lawyers will in turn have local capability in Venezuela.

LATIN COUNSEL: How committed is BLP to this market in the long term?

Eduardo Calderón: Completely. This is not an opportunistic reaction to the recent environment. It is a long-term commitment to the Venezuelan market, consistent with the way BLP has grown over the past decade: always following our clients into markets where they identify real needs.

The representative office we are announcing now is the first step; operations in Caracas are scheduled to begin in November 2026.

LATIN COUNSEL: What about sanctions? How does BLP manage that risk?

Eduardo Calderón: Compliance and sanctions analysis are a central component of any relevant transaction in Venezuela today, and that is how we treat them: as a workstream that must be assessed from the outset of each project. Where appropriate, we coordinate with specialised advisers in the jurisdictions involved. The rules continue to evolve, and each transaction requires a specific analysis depending on the parties, the sector and the structures involved.

Luis Palacios: One particular feature of the current Venezuelan environment is the speed of change. The regulatory and compliance framework requires constant monitoring and flexibility. A structure that appeared appropriate twelve months ago may require a different analysis today because of regulatory, legal or sanctions-related changes, etc.

LATIN COUNSEL: To what extent are regulatory changes already translating into real changes for companies?

Luis Palacios: A direction is beginning to emerge. In 2026, relevant reforms have been approved in hydrocarbons and mining that broaden the possibilities for private participation and modify important aspects of the contractual and regulatory framework. But we are still at a stage where implementation matters as much as legislation. For an investor, what matters is not simply that a new legal possibility exists; it is being able to turn it into a bankable and sustainable project.

LATIN COUNSEL: How many lawyers will the office have? Who will lead it?

Eduardo Calderón: Our point of contact in Venezuela will be Luis Palacios. Luis is a Venezuelan lawyer and has been part of BLP since 2017. He initially studied at Universidad Metropolitana in Caracas, later obtained his law degree from Universidad de Costa Rica and a Master’s degree in Environmental, Natural Resources and Energy Law from Lewis & Clark University. He is currently a Director at BLP and has developed a particularly relevant practice in regulation, natural resources, environmental law and mining. Luis will return to Venezuela permanently and will work in an integrated way with our partners and regional teams. That integration is fundamental to the model we want to build: local capability in Venezuela backed by BLP’s entire regional platform.

Luis Palacios: For me, returning to Venezuela has a special meaning. It is an opportunity to bring back to the country part of the experience I have developed during these years within BLP and to help connect the Venezuelan market with a regional platform of more than 200 lawyers. We want to be physically close to clients, understand what is happening in real time and support them in the execution of their projects.

Key facts

• BLP will open a representative office in Caracas in November 2026.
• Eduardo Calderón is the partner responsible for the initiative.
• Luis Palacios, Director at BLP, will return to Venezuela and serve as the main local point of contact.
• The opening responds to growing interest from regional and international clients in opportunities in Venezuela.
• Key sectors include energy and hydrocarbons, mining, infrastructure, banking and project finance, insurance, compliance and M&A.
• The Venezuelan office will be integrated with BLP’s regional platform and its representative offices in Spain and the United Arab Emirates.
• The firm has more than 200 lawyers.
• BLP identifies regulatory complexity, legal certainty, compliance and sanctions as central issues for investors considering the Venezuelan market.

BLPOct 4