The company plans to invest more than $7 billion over the next five years, with the goal of more than doubling its current production to about 600,000 barrels a day.

Chevron, the only U.S. oil company operating in Venezuela, said it has received additional land in the Orinoco Belt region and plans to double its oil production.

Chevron is expanding its Venezuela oil operations with more than $7 billion in planned investment and new acreage as it targets sharply higher production.

U.S. President Donald Trump is continuing his pursuit of Venezuela's oil jackpot, announcing a new deal aimed at boosting production in the South American country. And while Trump is flaunting the potential controlling stake in a portion of Venezuela's oil reserves as a warning to Canada,

WASHINGTON (AP) — Oil giant Chevron is expected to soon announce it will expand operations in Venezuela, a U.S. official said Tuesday.

The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.

Venezuela's acting President Delcy Rodríguez signed an agreement granting U.S. companies majority control over 65 billion barrels of crude oil.

Gulf Oil senior energy advisor Tom Kloza discusses Energy Secretary Chris Wright finalizing an oil output deal in Venezuela and analyzes the impact on domestic fuel prices and diesel costs on 'The Bottom Line.