Venezuela has awarded licences to Russian energy giant Rosneft to develop two offshore gas fields.
The deal allows its subsidiary, Grupo Rosneft, to export gas produced at fields in the Caribbean Sea for the next 30 years.
Venezuelan authorities need to approve the deal before production can begin.
Russia is a close ally of Venezuela, helping to prop up its economy as it seeks to expand its influence in Latin America.
In August, Rosneft provided Venezuelan state energy company PDVSA with $6 billion as advance payment for oil supplies.