Venezuela takes over Orinoco

CARACAS, Venezuela, May 1 (UPI) -- Venezuela assumed majority control Tuesday over its most bountiful oilfields -- the Orinoco Belt -- from foreign investors.

In a ceremony held on international workers' day, Energy Minister Rafael Ramirez announced that Venezuelan oil workers were "taking control" of Orinoco, which currently yields nearly 600,000 barrels a day, Globovision TV reported Tuesday.

"The president has ordered us to take full control of our oil sovereignty," said Ramirez as workers cheered in a celebration of Venezuela's near total dominance of its most lucrative resource.

Leftist Venezuelan President Hugo Chavez raised international concern in late February when he first announced the Orinoco takeover bid. "Venezuela's privatization of oil has come to an end," said Chavez, who then promised to complete the task by May 1 and hoist the Venezuelan flag over the previously private projects.

Last week, two other projects also were signed over to Venezuelan majority control: the Gulf of Paria East offshore oil field that China's Sinopec had planned to develop and La Ceiba oil field, a project of Exxon Mobil.