Venezuelan state oil company is preparing to take over the Quaimare-La Ceiba oil field operated by Spain's Repsol-YPF and U.S. ExxonMobil, Rafael Ramirez, Venezuela's energy minister, told local media Wednesday.

The oil field is the only one of the 32 run by 19 foreign companies, which has not accepted restructure to become a joint venture.

The state oil company, PDVSA, will own the majority of the Quaimare-La Ceiba oil field if it is restructured as a joint venture.

"We are going to take the field and they can take whatever legal action they want," Ramirez, who is also head of PDVSA, said at a press conference.

If the directors of the company cannot accept the joint venture agreement "we will be in the unfortunate situation of entering legal territory. But logic is on our side and we have a lot of strength," Ramirez said.

The Quaimare -La Ceiba field produces around 15,000 barrels of oil per day.

Source: Xinhua