Russia’s top oil producer Rosneft is going to increase its 16.7% holding in Venezuela’s Petromonagas joint venture to 40%, in return for a near-13-billion-euro investment in the OPEC members’ oil and gas sectors.

President Nicolas Maduro announced the cash injection would go towards doubling production. Plans are in place to pump six million barrels a day by 2019, but some analysts say this pace of development appears unrealistic.

Both Venezuela and Rosneft want to develop the rich Orinoco belt and already work together on several fields there.

Venezuela may have sold off some of the family jewels but it has been starved of investment capital and its energy sector is in sore need of modernisation and fresh ideas.