Venezuelan Energy and Petroleum vice-minister Bernard Mommer, Monday in London tried to reassure markets by claiming that private investment is vital for "stability of the oil sector and the country."

His remarks came in connection with the fifth world largest producer's new oil drilling plan.

"We need private investors, as they are very useful," Mommer, who is also a director of Venezuelan state oil firm Pdvsa, told people attending a meeting in London Bolívar Hall to hear details on the reshuffle of the Venezuelan oil sector.

Last March 31st, foreign oil firms ceased autonomous operations in Venezuela and entered into migration agreements to organize "joint ventures" controlled by Pdvsa. Twenty-two oilfields are operated under this scheme where Pdvsa has a minimum stake of 60 percent.

Despite this majority control, Mommer said he expected a balance between public and private sectors could be achieved.

He stressed minority partners "bring in their expertise in management and know-how."

According to Mommer, Venezuela is following the fundamental that "a resource-rich community should benefit from such resources."

So far, he said, Venezuela had not benefited from oil resources. Further, "some of the oil firms did not pay taxes."

"We had to take a number of measures to retake control over what we had lost, and retaking control involved having a majority stake."

Branding the former oil agreements as "illegal," Mommer said the new pacts have established a new relation with investors.

"Producing oil is our business, while you bring in expertise in management and new technologies. You are welcome, but leave control to us."

He regretted the fact that the media "has not even remotely echoed what we have done." This poor coverage, he said, lead him to visit London, "the European capital of oil and a good place to discuss what is going on in Venezuela."