(El Universal) - "The law on migration from both partnership agreements at the heavy-crude oil Orinoco oil strip and risk exploration and shared profits agreements to state-controlled joint ventures was enacted last February 26th, but the regulation does not mention the word -nationalization.

Under decree-law 5200, strategic partnerships Sincor, Petrozuata, Ameriven and Cerro Negro, and the agreements related to Golfo de Paria East, West and La Ceiba, as well as Orifuels Sinovensa will have to organize, together with the Venezuelan Petroleum Corporation (CVP) -a branch of Venezuelan state oil firm Pdvsa- the so-called transition committees that are to -ensure transfer of control over all their activities to the state holding- by May 1st.

Last year, the terms for operational agreements to migrate to joint ventures where the Venezuelan State owns a majority stake were defined in memoranda of understanding (...)

Based on a survey conducted by USB firm, the four partnerships operating at Orinoco strip have a present net value of USD 28 billion. Pdvsa's current average stake of 40 percent in such partnerships is estimated at some USD 11.2 billion. Therefore, to take control of 60 percent of shares, as established under article 2 of the migration law, the Venezuelan holding would have to disburse some USD 5.6 billion (...)".