Venezuela's president Hugo Chavez yesterday seized control of a French-run oil field, strengthening his control of the country's vast oil wealth, the lifeblood of his "Bolivarian Revolution".

Total SA confirmed from its Paris headquarters that the state oil company, Petroleos de Venezuela SA, "took control of our operations" during the weekend after it refused to turn the site over to a state-run joint venture.

Mr Chavez has decided to redefine the terms under which foreign companies can operate in Venezuela, which has the largest oil reserves outside of the Middle East.

The new terms state that the Venezuelan government must have a 60 per cent share in any venture.