Venezuela and Russia have agreed on an oil and gas investment deal worth $14billion.
The agreement was reached between Venezuela’s state oil firm, PDVSA and Russian oil giant, Rosneft, and the funds will go towards doubling Venezuela’s oil production. The two countries will also look into developing Venezuela’s gas offering.
The investment will also go towards developing the Orinoco Belt. The Orinoco Belt holds some of the largest crude oil reserves in the world.
PDVSA has also set an ambitious target to double the country’s oil production by 2019 to 6 million barrels a day. Four million of these barrels are expected to come from the Orinoco Belt.
Rosneft is currently involved with five oil extraction projects in Venezuela.