Currently, private companies are only allowed to operate in the oil sector in collaboration with the state-owned oil company PDVSA, which must then be the majority owner.
The current legal changes allow private companies based in Venezuela to engage in oil exploration and extraction, according to the AFP news agency, which has seen the proposal.
On Thursday, Parliament approved the proposal at first reading. Amendments can still be made before a final vote.
Access to Venezuelan oil has been a key demand from the United States since it invaded the country on January 3 and captured Maduro. President Donald Trump has threatened more violence unless interim President Delcy Rodríguez, who took over from Maduro, meets his demands.
The White House has already announced that an agreement has been reached between Caracas and Washington for the sale of Venezuelan crude oil. Delcy Rodríguez said earlier this week that Venezuela has so far received $300 million from oil sales.
On Thursday, she said a referendum will be held in March on what economic initiatives and public projects the country should focus on, CNN en Español reports.
"The referendum will be held on March 8, International Women's Day, so that we move forward in the spirit of our women," the interim president said.
