Investing.com -- Chevron (NYSE: CVX) shares rose 0.5% and Halliburton Company (NYSE: HAL) gained 1.7% following a Wall Street Journal report that the companies are nearing deals to invest billions of dollars in Venezuelan oil fields.

Chevron is close to a deal to expand its operations in Venezuela, potentially adding two new heavy-oil fields to its portfolio in the country, according to people familiar with the matter cited by the Journal. The company currently operates three joint ventures with PdVSA and is the only major U.S. company active in Venezuela.

Halliburton, one of the largest U.S. oilfield services firms, is in talks to bring its equipment to oil producers in Venezuela, the people said.