The Venezuelan government signed agreements yesterday with eight transnational companies on the exploitation of the country's rich natural gas resources.

Venezuelan President Hugo Chavez, along with president of Petroleos de Venezuela (PDVSA) Rafael Ramirez, attended the signing ceremony at the Miraflores Palace, seat of the national government.

The Delta Caribe Oriental project aims to nearly double the country's gas production from 6 billion to 11.5 billion cubic feeta day by 2012.

Venezuela will build a mixed company to produce liquefied natural gas with the U.S. company Chevron, Qatar Petroleum, Japan's Mistubishi, Mitsui and Itochu, Russia's Gazprom, Italy's ENI and Malaysia's Petronas.

They also signed a memorandum of understanding to develop the offshore gas fields Blanquilla and Tortuga.

"This is a historical event," Chavez said.