Venezuela oil fields back in state control

rense.com, peakoil.com -> news.xinhuanet.com :

Venezuelan oil minister Rafael Ramirez said in a statement that Venezuela has successfully completed "the recovery" of the 32 fields whose control was ceded to private hands in the 1990s under concessions allowing companies to independently pump oil under contract.

The 32 operating agreements were signed between 1990 and 1997 during the opening of Venezuela's petroleum industry to private and foreign capital. As oil prices crept back up in recent years, the government of President Hugo Chavez has sought to boost its control and share of profits from the oil industry. The state's stake could be as much as 90% in the new ventures. The amount the private companies have invested in the fields will determine the amount of control they have, Ramirez has said.

The 32 oil fields have been responsible for about 500,000 of Venezuela's official declared production of 3.2 million barrels a day. Venezuela is the world's fifth-largest oil exporter and has the largest proven reserves outside of the Mideast.

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