Jan 22 (Reuters) - A profound proposed reform of Venezuela's hydrocarbons law would allow foreign and local companies to operate oilfields on their own through a new ‌contract model, commercialize output and receive sale proceeds even if ​acting as minority partners of state company ‍PDVSA, drafts seen by Reuters on ⁠Thursday showed.

Venezuela's ⁠interim President Delcy Rodriguez last week submitted the reform proposal, ‌expected to deeply modify ​the backbone of the OPEC country's oil industry by changing late President ⁠Hugo Chavez's landmark oil ‍law, ​to the National Assembly.

Lawmakers are scheduled to begin its discussion on Thursday, following a flagship ‍50-million-barrel oil supply deal between Caracas and Washington this month, agreed after the U.S. capture of President Nicolas Maduro.

Oil executives and potential investors as part of Washington's ambitious $100 ​billion ‍reconstruction plan for Venezuela's energy industry are demanding autonomy to produce, export and ​cash sale proceeds in the country after Chavez's nationalizations and assets expropriations two decades ago.

The proposal would allow the government to adjust royalties down to 15%, from a current rate of 33%, for ​special projects and those requiring massive investments. It also adds the possibility of resorting to independent arbitration to solve ‍controversies.