CARACAS, Jan. 22 (Xinhua) -- Venezuela's National Assembly on Thursday approved in a first reading a partial reform of the country's Organic Hydrocarbons Law, to modernize the energy sector.

Lawmaker Orlando Camacho of the pro-government Somos Venezuela movement presented the bill during a regular session, describing the initiative as "a bold step toward modernizing the energy sector," while ensuring oil remains a key driver of national development.

The bill, submitted by Acting President Delcy Rodriguez during her annual address to the nation on Jan. 15, amends or adds 18 articles and focuses on three main areas.

The reform seeks to adapt the legal framework to changes in global energy markets and encourage joint development between the public and private sectors, Camacho added.

Opposition lawmaker Bernabe Gutierrez of the Democratic Action party welcomed the proposal, saying it was time to update the hydrocarbons law after two decades in force.

Venezuela sits atop roughly 300 billion barrels of heavy, sour crude -- around a fifth of the world's reserves. The United States on Jan. 3 launched a sudden raid on Venezuela and seized its President Nicolas Maduro and his wife. ■