CARACAS, Venezuela — Chevron said on Wednesday its presence in Venezuela will be expanded after President Donald Trump announced a deal to develop the South American country’s oil reserves.

The newly announced agreements between Chevron, the second-largest U.S. oil company, and Venezuela include joint venture plans to invest more than $7 billion over the next five years. This allows the company’s oil production in the country to increase to roughly 600,000 barrels per day, over double the output in 2026.