Venezuela’s Private Oil Fields Taken Over by Government?

Oil Minister Rafael Ramirez declared that the Orinoco fields had reverted to state control just after midnight. Television footage showed oil workers in hard hats raising the flags of Venezuela and the national oil company over a refinery and four drilling fields in the Orinoco River basin. Chavez planned a more elaborate celebration later on May Day, the international workers’ holiday, with red-clad oil workers, soldiers and a flyover by Russian-made fighter jets. The companies ceding control include BP PLC, ConocoPhillips, Exxon Mobil Corp. , Chevron Corp. , France’s Total SA and Norway’s Statoil ASA. Do you think this a good Idea of Venezuela to do this knowing they do not have the same skill workers as the US?