Investing.com -- Chevron said Wednesday it has reached updated terms with Venezuela for its joint ventures in the country and will invest more than $7 billion over the next five years, aiming to lift production to about 600,000 barrels per day.

The move follows months of separate negotiations from Washington’s recent announcement of a deal giving the U.S. majority control over roughly 65 billion barrels of Venezuelan oil reserves. Chevron said it had signed multiple agreements establishing new terms with its joint ventures to support future investment, project development and production growth, including additional acreage in the Orinoco Belt.

The agreements come after President Trump said last week that the U.S. had struck a deal with Venezuela to secure control of a large share of the country’s oil reserves. Venezuela’s oil sector deteriorated over years of mismanagement under Hugo Chavez and Nicolas Maduro, and since Maduro’s ouster in January, Trump has pushed American oil companies to increase investment there.

Chevron has kept operating in Venezuela for more than a century, while ExxonMobil and ConocoPhillips have stayed out of the country since exiting in 2007, when their assets were nationalized under Chavez.

The new investment will back production growth at Chevron’s three Venezuelan joint ventures, which have raised output by 15% this year. The company said total costs are expected to stay below $20 a barrel.

"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 CEO Mike Wirth said.

The energy giant has operated in Venezuela since 1923 through three joint ventures: Petroindependencia and Petropiar, both in the Orinoco Belt, and Petroboscan, in the western state of Zulia.