British virgin islands for Increases in world oil prices in 1973 led to heightened demand for nationalization. Thus, in 1975, President Carlos Andrs Prez announced that nationalization would take place on January 1, 1976. The nationalization process went relatively smoothly. The government compensated foreign oil firms with $1 billion, while creating a national oil company known as Petr³leos de Venezuela (PDVSA). The Venezuelan government signed service contracts with foreign companies to obtain technology and personnel. They also made marketing agreements with the companies in order to sell Venezuelan oil on the world market. While PDVSA did become a major force in the world oil industry, Venezuela remained largely dependent on oil exports for its economic well-being. British virgin islands 2016.