CARACAS, Aug. 29 -- Multiple US energy companies are approaching the final stages of investment negotiations with Venezuela's government over development of the South American country's vast oil reserves, according to reporting by The Wall Street Journal, in what would represent a significant reconstruction of the energy relationship Washington severed years ago.

Chevron Corporation and Halliburton are among the major companies nearing production agreements with Caracas, the Journal reported Friday, citing sources familiar with the discussions. Executives from a number of oil and gas firms are expected to sign deals in the coming week. US Energy Secretary Chris Wright is also expected to travel to Venezuela, the report said.

The potenti...