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

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.

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 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).

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.

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

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 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.