Chevron will spend $7 billion over five years to raise Venezuelan output to about 600,000 barrels a day

Chevron picked up added acreage in the Orinoco Belt, and says the plan would more than double what it pumps in Venezuela now. The company has not said what its current output is, and the target depends on terms it has not spelled out.

• Investment: more than $7 billion over five years, as pledged by Chevron
• Target output: roughly 600,000 barrels per day, more than double current levels
• The deal was signed in Caracas on Wednesday, Sept. 2