My point was that they have managed to operate successfully well before their IPO and associated reporting requirements. They seem to be following best practices and hiring professionals for operations. Then again, aren't these professionals essentially government employees?
Regarding the BOD, do note there are two government ministers sitting on the BOD. The BOD must retain a close relationship with the government, as the government is its only shareholder that matters. The government also has a big impact on the company's profits as its responsible for OPEC negotiations.

You say Saudi Aramco is publically traded but it’s only got a measly 1.5% traded and only from 2019. Its basically fully government owned and lines government coffers nicely every year. The whole point of the IPO was becuase the government wanted cash. To be fair they are using it for a sovereign wealth fund to diversify their revenue. Furthermore, the IPO didn’t attract much interest from western capital markets for problems commonly associated with SOEs, like corporate transparency and political risk.

It sounds more like Saudi Gov is just more competent at management than the Venezuela Gov.