Two Venezuelan oil companies on Thursday signed contracts with Brazil's state-run firm Petrobras, to jointly exploit crude oil deposits in the La Concepcion oil field.

The Venezuelan state-run company Venezolan de Petroleo (CVP) and privately-owned Williams international oil and Gas limited would respectively hold 60 percent and 4 percent of the shares in Petroway, the new joint venture company; Petrobras, Brazil's state-run oil company, would hold 36 percent, CVP said in a statement.

CPV said that the company planned to sign another three joint-venture contracts with Petrobras, without specifying any details about the partners involved.

On March 31, Venezuela signed 17 similar joint venture contracts with both domestic and international companies, under a new Organic Hydrocarbons Law. Since then, CVP has signed six new joint venture contracts with a majority share of the operations.

La Concepcion oil field, which is located in Venezuela's Zulia state, currently produces 12,300 barrels of crude oil per day.

As the world's fifth largest oil exporter, Venezuela currently exports 3.1 million barrels of crude oil per day.

Source: Xinhua