Argentina and Venezuela signed a cooperation deal on Friday to jointly exploit crude oil deposits in the Orinoco Petroliferous Strip, in southern Venezuela.

The agreement was signed by Venezuela's Energy Minister Rafael Ramirez who is also the head of the country's state energy firm PDVSA, and Argentine Planning Minister Julio de Vido, at the 30th summit of the Common Market of the South (Mercosur) in the Argentine city Cordoba.

It sets out the terms and conditions under which PDVSA and Argentina's state firm Enarsa explore the deposits.

It also provides for the participation of Uruguayan state firm, the National Administration of Combustibles, Alcohol and Portland.

Venezuela is the world's fifth largest crude oil exporter, and has the largest proven oil reserves outside the Middle East, with 80 billion barrels.

Argentina has been suffering an energy crisis for three years, and its demand for crude oil is increasing.

Source: Xinhua