The Venezuelan government officially nationalized its oil industry on January 1, 1976, under the Presidency of Carlos Andrés Pérez . It established the state-owned company PDVSA (Petróleos de Venezuela, S.A.) to manage oil operations. In 2007, under former President Hugo Chávez , the state took majority control of the remaining foreign joint ventures.Venezuela should be an oil market powerhouse. It boasts the world's largest reserves (roughly 303 billion barrels , equivalent to 17% of global reserves , acco ...