Oil giants give Venezuelan government majority stakes

In Venezuela, four international oil companies, Chevron, British Petroleum, Total and Statoil, have agreed to give the government a controlling interest in their oil projects.

U.S-based Chevron, British Petroleum, France's Total and Norway's Statoil all signed joint-venture agreements with Venezuela's state Petroleum monopoly.

The agreements give the government majority stakes in lucrative oil-pumping projects in the Orinoco River basin.

In February, Venezuela's President Hugo Chavez signed a decree nationalizing the country's oil and mineral resources.