The Venezuelan Petroleum Corporation, a subsidiary of state firm Petroleos de Venezuela SA (PDVSA), said Thursday it had created a joint venture with two local private firms to exploit crude oil resources across the nation.

It has signed contracts with Cartera de Inversiones Petroleras and Operaccion de Produccion Exploracion Nationales SA under the new operating contract scheme which gives PDVSA a minimum stake of 60 percent, according a PDVSA statement.

Petrocuragua, the new company, is expected to generate 6,000 barrels per day (bpd) of crude from the Casma Anaco oil field in the southeastern Venezuelan state of Monagas. One of the goals the new firm has stated in its contract is to increase the profitability of the field.

Venezuela is the world's fifth largest crude oil exporter, processing an average of 3.3 million bpd.

Source: Xinhua