"I'm sure they will accept because we will continue to be partners, but if they do not agree, they are free to leave," Chavez said, according to state news agency ABN.
The president said a new ad hoc law may be necessary to regulate the new ventures, which currently produce some 600,000b/d of synthetic crude.
Chavez was granted special powers on Wednesday by the national assembly that allow him to rule by decree in matters he deems "strategic."
The four Orinoco projects are Ameriven, Cerro Negro, Sincor and Petrozuata. Partners include BP (NYSE: BP), ConocoPhillips (NYSE: COP), Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM), Total (NYSE: TOT) and Statoil (NYSE: STA).
PDVSA currently has stakes of around 40% in each of the projects.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you