"Evaluation drilling will start in October 2006 and end in the second quarter of 2007," according to the statement.
Venezuelan President Hugo Chavez and his Chinese counterpart Hu Jintao signed a joint venture agreement for Orinoco's Junin 4 field, according to the statement, which did not specify ownership percentages.
Engineers are performing reserve quantification and certification works at Junin.
During his state visit to the Asian country, Chavez reiterated his commitment to increase Venezuelan crude supplies to China to 300,000b/d by year-end from current levels of 150,000b/d.
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