UPDATE 1-Venezuela warns foreign oil firms to raise output

* Caracas demanding more output, investment

* Venezuela sending 30,000 bpd crude to Uruguay

CARACAS Jan 27 (Reuters) - Foreign oil firms operating in joint ventures in Venezuela must hike production or possibly face a review of their rights to operate in the South American OPEC member, Energy Minister Rafael Ramirez said on Thursday.

Speaking to reporters, Ramirez said companies were working out how to increase investment and raise output in line with a warning late last year. [ID:nN08167962]

"If they don't comply with their plans, I would have good reason to review the rights they have," he said.

In a letter dated November, Ramirez gave companies including Chevron (CVX.N), Repsol (REP.MC), BP (BP.L)(BP.N) and Petrobras (PETR4.SA) 30 days to present a new production plan.

The joint ventures are spread across South America's top oil producer, mostly in mature fields, and have a combined output capacity of at least 400,000 barrels per day (bpd).

Venezuela's state oil company PDVSA, the majority partner in each of the projects, has suffered cashflow problems since global oil prices dropped in 2008 and it put in place OPEC-mandated production cuts.

After a meeting between the presidents of Venezuela and Uruguay, Ramirez also confirmed that Venezuela was currently shipping some 30,000 barrels per day to Uruguay.

He said Hovensa LLC's decision to mothball 150,000 barrels per day of capacity at its St. Croix refinery in the U.S. Virgin Islands would not have a negative impact on Venezuelan crude supplies. Hovensa is jointly owned by Hess Corp (HES.N) and Venezuela's state oil company PDVSA.

Ramirez, who is also PDVSA president, said the company had received no official word from LyondellBasell (LYB.N) about seeking new crude suppliers for its Houston refinery to replace some oil from Venezuela. [ID:nN08135982]

He added that Venezuela hoped to have 240 oil drills operating by the end of the year, up from 237 now. (Reporting by Marianna Parraga; editing by Jim Marshall)