Venezuela takes over seven oil fields

Venezuela takes over seven oil fields


CARACAS, Venezuela, April 3 (UPI) -- Venezuelan oil officials said Monday that it had taken back seven oil fields from private companies, Globovision reported.

Oil Minister Rafael Ramirez said the fields produced a combined 115,000 barrels of oil per day.

Five of the fields were turned over to the state voluntarily, said Ramirez, while the other two were taken because the firms operating them refused to sign a new contract with the government.

The five private companies that handed over their stakes voluntarily would be compensated, said the minister.