UPDATE 1-Venezuela says will recognize only Orinoco book value

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CARACAS, March 30 (Reuters) - Venezuela will recognize only "booked investments," rather than current net value, in its takeover of four multibillion-dollar oil projects, the oil minister told local media in comments published on Friday.

Venezuela decreed in February the takeover of the four projects in the country's Orinoco oil reserve, which include investment from oil giants like Exxon Mobil (XOM.N) and have an estimated value of close to $30 billion, after initial investments of close to $17 billion.

The OPEC nation has insisted that state oil company PDVSA must take a majority stake of at least 60 percent in the projects and will take control of operations by May 1.

"PDVSA will only recognize the foreign companies investments detailed in their books," Rafael Ramirez said in an interview with the daily newspaper Panorama.

"We will not recognize anything that has to do with the concept of net present value, nor the future investments of these companies," he added.

He said the negotiations with the companies, which also include Conoco Phillips (COP.N), BP Plc (BP.L), Chevron Corp. (CVX.N), France's Total (TOTF.PA) and Norway's Statoil (STL.OL), are continuing "without problems."

He also said he saw $50 to $55 as a "fair" price for Venezuela's oil basket, which this week averaged $55.91 per barrel.

Ramirez added that PDVSA's $5 billion bond issue, officially opened on Monday, received total investor demand of $10 billion.