Chevron is the only U.S. oil company currently operating in the country.

“Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” Chevron Chairman and CEO Mike Wirth said in a statement Wednesday morning.

“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,” he added. “This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country’s resources.”

The announcement comes as Energy Secretary Chris Wright and Chevron representatives visit Venezuela, where the expanded investment is expected to be unveiled. Wright is set to meet with acting President Delcy Rodriguez.

After landing late Tuesday evening, Wright said the deal would lead to a more than doubling of Venezuela’s oil production in the next few years.

“The American investment in Venezuela is to grow the flow of private capital from a great number of American businesses,” Wright told reporters. “We want to see a lot of investment coming from the United States into Venezuela to grow opportunity and prosperity for Venezuelans and for Americans and for energy consumers around the world.”

Chevron’s agreement, and the others expected to be announced by Wright later Wednesday, are separate from the deal made by the Trump administration late last week.

As part of that agreement, the government is taking a 35% equity stake in private oil and gas exploration and production company North American Blue Energy Partners.

The White House said earlier this week that “Venezuelan interim authorities” granted NABEP, a private oil and gas exploration and production company, 100-year concessions for 17 oil fields, which have proven reserves of roughly 65 billion barrels of crude oil.

The company, led by Venezuelan businessman Alejandro Betancourt, has since granted the Pentagon’s Office of Strategic Capital a 35% equity stake in its corporate parent. The White House said this came “at no cost to the American taxpayer.”

Betancourt’s involvement brings controversy, as the businessman faces allegations of money laundering in Switzerland, Spain, and even the United States. He has not been charged, and a Swiss extradition request against him was dropped earlier this year.

A U.S. official, who spoke on the condition of anonymity, told reporters on the plane to Caracas that Betancourt is not a “bad actor” and claimed that several of the allegations Betancourt faced stemmed from the Maduro regime.

“This is actually a person that’s been an ally of the United States for a long time, that has long-time ties to the Venezuelan opposition, and I think, believes in the Democratic transition,” the official said.

TRUMP ADMINISTRATION TAKING 35% EQUITY STAKE IN NEW VENEZUELAN OIL COMPANY

The U.S. plans to use Venezuelan oil to refill the Strategic Petroleum Reserve, an emergency stockpile of crude oil maintained by the Department of Energy.

It remains unclear how the reserve will retain Venezuelan crude, as the SPR facilities were not built to hold this type of oil. According to the Department of Energy, the SPR can hold oil that is of light gravity — 30 to 40° API — and contains less than 2.0 mass percent total sulfur. Venezuelan crude contains between 3% and 5% sulfur with an API gravity between 8 and 16 degrees.

“We appreciate the leadership of the Administration, particularly the U.S. Department of Energy, and Secretary Wright’s partnership in helping facilitate the conditions for further investment and growth,” Wirth said. “Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment.”