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.

The oil major has been assigned two additional oilfields in the Orinoco Belt, the region that contains most of Venezuela's vast extrea heavy crude reserves. Chevron plans to increase its production in the country to 600,000 barrels per day compared to around 280,000 bpd currently.

Chevron is the only U.S. oil major active in Venezuela through joint ventures with state-owned oil company PDVSA.

 "With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," Chevron CEO Mike Wirth said in a statement.

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