The Minister of Energy and Petroleum of Venezuela, the President of PDVSA, and the CEO of Eni signed contracts for the development of two mixed enterprises. The first is PetroJunin, dedicated to the development of Junin 5 Block located in the Orinoco Oil Belt, 550km south east of Caracas. The second project is PetroBicentenario, devoted to the construction and operation of a refinery adjacent to the existing industrial coastal complex of Josein Caracas. PDVSA will own 60% participation in both Mixed Enterprises while Eni will have 40% as per the terms of the new hydrocarbon law of the Bolivarian Republic of Venezuela. The Junin 5 Block holds 35 billion barrels of certified oil with 2.5 billion barrels in recoverable reserves. Eni’s share is over 1 billion barrels and their daily production will be close to 100,000 barrels per day once full field development is reached. The companies intend to achieve an early production phase of 75,000 barrels per day with first oil expected by 2013. 1500 horizontal shallow wells are required for the full field development. The new refinery will produce 240,000 barrels per day and have the ability to process additional volumes of intermediate streams from other PDVSA facilities, up to 110,000 barrels per day. Built in the Jose Industrial Complex, the refinery will have access to export markets, ensuring synergies with existing industrial services.