Chevron is making a multibillion dollar bet on Venezuela's troubled oil industry. The company announced on Sept. 2 that it plans to expand operations and, together with Venezuelan joint-venture partners, invest over $7 billion to double local oil production within five years (1).

Chevron announced plans Wednesday to more than double its oil production in Venezuela over the next five years through a $7 billion investment that expands its position in the South American nation. CNBC’s Brian Sullivan and Mike Wirth,

Chevron Corporation expands Venezuela JV, beats Q2 earnings, and targets strong FCF and production growth to 2030. Read why CVX stock is a buy.

Chevron is expected to announce an expansion of its Venezuelan operations on Wednesday, hours after the country's parliament approved handing Washington control of a fifth of its oil reserves and as US Energy Secretary Chris Wright arrives to sign the agreement.

By Marianna Parraga and Deisy Buitrago HOUSTON/CARACAS, Aug 31 (Reuters) - U.S. companies Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuela after months of negotiations to firm up energy projects in the OPEC country,