Venezuela set to take over oil field January 1

Venezuela’s energy minister said the government was preparing to take over an oil operation of US-based ExxonMobil and Spain’s Repsol on January 1 if the US firm refuses to accept new terms for foreign oil companies.

“Of course we will take control of it,” Energy Minister Rafael Ramirez, who also serves as president of state-owned Petroleos de Venezuela, told reporter in response to a question on the Quiamare-La Ceiba oil field.