Venezuelan President Hugo Chavez said on Sunday that Venezuela will raise oil exploration tax to 50 percent from the current 34 percent.

Chavez, who made the announcement in his weekly TV and radio address, said the increase will create hundreds of millions of U.S. dollars in new revenue.

International companies exploring oil in Venezuela are making a lot of money, he said.

The Venezuelan government has tightened state control and hiked taxes for the country's petroleum industry, following the 2005 decision to force private oil company into joint ventures, in which Venezuela's state oil company Petroleo de Venezuela holds 60 percent stake.

Source: Xinhua