Houston, Sept. 2 -- Chevron Corporation will invest more than USD 7 billion in its Venezuelan joint ventures over the next five years and more than double production to around 600,000 barrels per day, after securing updated terms and additional acreage from Venezuela to support future investment and production growth, as per an official statement by the company.

The agreements provide Chevron's joint ventures with enhanced fiscal, commercial and legal terms aimed at supporting long-term investment and project development, the US energy major said on Wednesday.

The development comes as US Energy Secretary Chris Wright is set to travel to Venezuela for an expected announcement on Chevron's plans to expand its operations.

Wright's visit c...