Bermudians' fuel supply is safe — despite the withdrawal from Venezuela of two major oil companies this week.

That was the word yesterday from Esso Bermuda and Rubis Energy Bermuda, the Island's two distributors of fuel to gas stations.

On Tuesday, global oil giants Exxon Mobil and ConocoPhillips announced their intention to stop pumping oil in Venezuela after the government of President Hugo Chavez took control of private oil fields and offered operators the chance to continue as junior partners.

Although Exxon is the parent company of Esso, the Venezuela development will not threaten the Island's fuel supply Esso Bermuda general manager Mark Fields.

"We have no indication of that whatsoever," Mr. Fields said yesterday. "Esso Bermuda's oil all comes from Trinidad."

Rubis Energy Bermuda took over the assets of the Shell Company of Bermuda in September last year and is the Island's other main supplier.

The company's general manager David Rose echoed the views of Mr. Fields and said that no fuel came to the Island directly from Venezuela.

"Our supplies at Rubis come via the Shell Group, purchased from third-party refineries in the Caribbean and west Gulf region," Mr. Rose said.

"We have no indications at all that supplies could be disrupted as a result of what is happening in Venezuela."

Analysts say that supplies are unlikely to be hit, as other companies replace those that move out.

Chevron Corp., Britain's BP PLC, France's Total SA and Norway's Statoil ASA agreed the Venezuelan government's terms at a signing ceremony on Tuesday and accepted new minority stakes.

Chavez, a fierce critic of US-style capitalism, argues a larger state role is necessary to ensure that industry profits and services benefit Venezuelans instead of enriching private companies. His detractors argue he is violating contracts and ruining the investment climate to Venezuela's long-term detriment.

The government took majority control of Venezuela's last privately run oil projects on May 1 and gave the companies until Tuesday to decide whether they would accept new terms as junior partners.