Chevron just placed a multi-billion dollar bet on Venezuelan oil within days of a historic U.S. reserve deal, moving far faster than energy insiders predicted and becoming the first major to put real money behind a country whose oil sector has been closed to Western firms for 15 years.

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

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.

Energy firms sign deals in Caracas, days after Venezuela agreed to grant the US control of a fifth of its oil reserves.

By Sheila Dang and Marianna Parraga HOUSTON, Sept 2 (Reuters) - Chevron will invest more than $7 billion through its Venezuela joint ventures to double oil production to about 600,000 barrels per day over the next five years in the South American country,

Chevron said it plans to invest more than $7 billion in Venezuela over the next five years and hopes to double its current production there to about 600,000 barrels a day.

Chevron plans to invest more than $7 billion in Venezuela over the next five years and more than double production to approximately 600,000 bpd after securing additional acreage in the Orinoco Belt.

Chevron is expanding its current operations in Venezuela. The deal expands the company's footprint at a time of political and economic uncertainty in Venezuela.

Chevron Corp. is expanding its acreage position in Venezuela under updated terms for its current joint ventures in the country, a move the company said supports plans to invest more than $7 billion over the next 5 years and more than double production to about 600,

Chevron locked in new terms in the Orinoco Belt, the world's largest oil reserve.