Dec. 4 (Bloomberg) -- Venezuelan President Hugo Chavez will probably force natural gas projects into government-controlled joint ventures, as constitutional reforms that were rejected this week by voters weren't necessary for such action, analysts say.

The country has more than 100 trillion cubic feet of gas reserves, the largest in South America. It may craft the rules for gas much like those for crude oil, affecting companies including Chevron Corp., StatoilHydro ASA, Total SA, Inpex Holdings Inc. and Repsol YPF SA.

``Within ten days we could have more information about what is happening in gas,'' Angel Rodriguez, president of the energy and mines committee in Venezuela's legislature, said today in an interview. He said in July the country would be ``consolidating the full sovereignty'' over natural gas and coal in 2007.

Reforms rejected in a referendum Dec. 2 would have required state control over all oil, natural gas, coal and chemical projects from extraction to marketing.

David Voght, managing director of Caracas-based energy consultant IPD Latin America LP, said constitutional changes weren't needed for the government to take control of what it terms ``strategic industries.''

``I expect them to go ahead with reform of natural gas and mining legislation,'' Voght wrote in an e-mail. ``I think the energy companies are prepared for potential legal changes in the energy sector, which will be challenging but not that traumatic.''

Quick As Possible

``They want it as quickly as possible,'' Pietro Pitts, founder of Caracas-based energy newsletter Latin Petroleum, said today. ``The negotiations are very drawn out and companies know that's part of the process. They want to have the government expedite the process so they can do what they do best, exploring for oil and gas and converting gas to LNG.''

StatoilHydro and Total are seeking to commercialize part of the offshore Plataforma Deltana region near Trinidad. Chevron is exploring an offshore block in the Caribbean where PetroFalcon Corp. has a 30 percent stake.

StatoilHydro, Total and Chevron stayed in the country after the government took control of their heavy oil projects in the Faja del Orinoco region this year. ConocoPhillips, which has a gas license for a block of the Plataforma Deltana, left the country rather than give up control over two joint ventures in the Faja.

Both Repsol and Inpex are majority owners of joint ventures with state oil company Petroleos de Venezuela SA to explore and extract natural gas, Petroleos de Venezuela said June 3.

To contact the reporter on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net.

Last Updated: December 4, 2007 14:32 EST