Russia's largest oil producer Rosneft has reached an agreement with the Ministry of Oil of Venezuela to invest around US$14bn in the Venezuelan oil and gas sector. The company will cooperate with national oil and gas company PDVSA, which aims to double oil production to 6 mb/d by 2019, including 4 mb/d from the Orinoco Belt. This ambitious target is unlikely to be met, as cash-strapped Venezuela was badly affected by the recent fall in oil prices.
In November 2014, the companies signed a five-year agreement on the supply of oil and oil products from Venezuela to Rosneft (more than 1.6 Mt of oil and 9 Mt of oil products). PDVSA and Rosneft will cooperate in oil production, with the creation of new joint companies to boost crude oil extraction in the Orinoco Belt; they already have joint ventures in this region. In addition, Rosneft proposed to raise its stake in the Petromonagas joint venture from the current 16.7% to 40%, the maximum allowed for foreign partners in Venezuelan joint ventures.