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Venezuela nationalized its oil industry on January 1, 1976. President Carlos Andrés Pérez's economic plan, "La Gran Venezuela", called for the nationalization of the oil industry.
The nationalization of the oil industry led to the creation of Petróleos de Venezuela S.A. (PDVSA), a state-owned company that oversees all aspects of Venezuela's oil industry. PDVSA replaced foreign oil companies with Venezuelan companies, such as Lagoven, Maraven, and Llavonen.
Venezuela's oil production declined by over 50% between 1970 and 1985. However, production began to grow again and by 1998, it had recovered to nearly its former high. In 1997, Venezuela opened up its oil industry to foreign investment to attract foreign investment and develop the heavy oil in the Orinoco Belt.
Venezuela's oil production has dropped in recent years, largely due to mismanagement by the Venezuelan government

What Chavez did was confiscate foreign owned oil infrastructure with no compensation, the oil companies were understandably upset.

https://www.reuters.com/article/markets/us/venezuelas-chavez-seizes-oil-service-companies-idUSN08485308/