Venezuela Ready to Control Orinoco Oil Strip
Petroleos de Venezuela (PDVSA) said on Sunday that transition committees have been set up at the Orinoco Oil Strip to resumed production on May 1, when the State will take over control over those fields.

Energy and Oil Minister Rafael Ramirez told the newspaper Ultimas Noticias that working teams have already arrived in the region, and ruled out doubts about the government's incapacity to manage the complex procedure to improve crude oil.

Ramirez, who is also the PDVSA president, recalled that most technicians and operators in those facilities are Venezuelan and are excited about the change.

"We are guaranteeing control over these operations," he stressed.

According to statistics from PDVSA, the world's third largest oil company, the region's oil reserves are the largest in the world, exceeding 1.3 trillion barrels, 316 billion of which can be extracted using today's technology.

In January, Venezuelan authorities began the nationalization of agreements with foreign companies, which were considered harmful for national sovereignty and the economy, in the 21,356-square-mile region.