When did Hugo Chavez take over the oil?

Hugo Chávez began the nationalization of Venezuela's oil industry shortly after he took office in 1999. The most significant move occurred in 2001 when he implemented a series of laws that allowed the government to take control of the oil sector, culminating in the complete nationalization of the state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA), in 2007. Chávez's policies aimed to redistribute oil revenues to benefit the Venezuelan population and reduce foreign influence in the industry.