State-run oil company Petróleos de Venezuela (Pdvsa) Wednesday signed an agreement to quantify and certify reserves in a 230 square mile oil block in the Orinoco Oil belt, a heavy oil rich region.

The agreement was signed by Venezuelan Minister of Energy and Petroleum and Pdvsa CEO Rafael Ramírez and StatoilHydro CEO Helge Lund, reported AFP.

Both companies pledged to carry out the survey at the Junin 2  block in the Orinoco Oil belt. The agreement will be valid for three years, according to a communiqué issued by Pdvsa.