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 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 says it will expand its operations in Venezuela, following the Trump administration’s move for a Pentagon-backed plan to develop the country’s oil reserves.

The U.S. energy giant, which stayed in the country after other Western companies left, will invest $7 billion in the country to more than double its production there.

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 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,

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

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.