Chevron is the largest foreign oil operator in Venezuela. The deal will expand its footprint at a time of political and economic uncertainty for Venezuela.

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.

Chevron Corp. plans to invest $7 billion over the next five years through its joint venture partnerships to more than double crude production in Venezuela, the largest financial commitment so far in a U.S. government-led push to revive the Latin American country’s oil industry.

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,

Shares in Chevron Corp. traded nearly 2% higher, putting them on pace to close at a five-month peak, after a U.S. official told reporters that the oil giant plans to expand its operations in Venezuela

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

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.