(Bloomberg) - "BP Plc, Europe's second-largest oil company, signed a memorandum of understanding with Venezuela to keep its minority stake in a heavy-oil project as the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in the Cerro Negro project, which will be majority owned and operated by state-run Petróleos de Venezuela SA, BP spokesman David Nicholas said.

Venezuelan Energy Minister Rafael Ramírez said that Exxon Mobil Corp. and ConocoPhillips will leave Venezuela's heavy oil projects. Chevron Corp., Statoil ASA, Total SA and BP will stay after they agreed to give the state company ownership of between 60 percent and 83 percent in the ventures.

Exxon Mobil relinquished its role as operator of the Cerro Negro project to Petróleos de Venezuela on May 1. Both firms had held 41.67 percent each in the project. The field produces about 120,000 barrels a day, according to BP's web site.

BP was last week forced to sell its stake in the Kovykta gas field to Russia's state-run energy company OAO Gazprom, which is leading President Vladimir Putin's efforts to reassert government control over Russia's energy resources.

Royal Dutch Shell Plc is Europe's largest oil company by market value. Venezuela is the sole Latin American member of the 12-nation Organization of Petroleum Exporting Countries"