Venezuela will begin shale gas exploration, partnering with Brazil's Petrobras and America's Williams International Oil & Gas, the country's energy minister said Wednesday.

"A first well will be drilled in the Concepcion field" in northwestern Lake Maracaibo, Rafael Ramirez said during a trip to Zulia state, which contains the lake.

Ramirez, who is also president of state oil company PDVSA, said the project will be undertaken by joint venture Petrowayu.

The entity is 60 percent owned by PDVSA, 36 percent owned by Petrobras and four percent owned by Williams.

Venezuela currently imports between 200 and 300 million cubic feet (5.7 and 8.5 cubic meters) of gas per day from its neighbor Colombia.

Sitting atop the world's largest-proven oil reserves, Venezuela ranks eighth in the world in terms of gas reserves.

PDVSA also signed a $2 billion contract with American oil service companies Schlumberger, Weatherford and Halliburton.