That goal is likely way too ambitious, as PDVSA has not only failed to ramp up output, but Venezuela has actually seen its oil production fall over the past decade. Of course, decline is not inevitable, and Venezuelan officials think the Russian investment is just what PDVSA needs. Venezuela is sitting on an estimated 298 billion barrels of oil, the largest oil reserves in the entire world, more than even Saudi Arabia. It could have even more locked away in the Orinoco Belt in the form of extra heavy oil. Miraflores Presidential Office/AP/File Russia’s state-owned oil company may provide its Venezuelan counterpart a much needed loan of $5 billion.

Venezuela’s oil company, PDVSA, is in desperate need of capital in order to help boost oil and gas production. In exchange for the loan, Reuters reportsthat Rosneft could gain greater access to PDVSA’s oil and gas reserves.

As it stands, Rosneft often only takes in discounted revenues from the Petromonagas joint venture, which processes and sells heavy oil at reduced rates to the local Venezuelan market. Rosneft is seeking more control, plus the ability to export production, which will bring in much higher revenue.

The loan comes only a few weeks after Rosneft agreed to invest $14 billion to help boost Venezuelan oil and gas. President Nicolas Maduro, along with the head of PDVSA, met with Rosneft’s Igor Sechin at the end of May.

Venezuela has stated that it hopes to double oil production to 6 million barrels per day, most of which it plans to source from the Orinoco Belt, a source of heavy crude. (Related: How Much Energy Does The Super Bowl Use?)

That goal is likely way too ambitious, as PDVSA has not only failed to ramp up output, but Venezuela has actually seen its oil production fall over the past decade.

Of course, decline is not inevitable, and Venezuelan officials think the Russian investment is just what PDVSA needs. Venezuela is sitting on an estimated 298 billion barrels of oil, the largest oil reserves in the entire world, more than even Saudi Arabia. It could have even more locked away in the Orinoco Belt in the form of extra heavy oil.