Chevron aims to double Venezuela oil production to 600K bpd while driving cost efficiency in U.S. shale and expanding globally.

Chevron plans to double the number of drilling rigs it operates in Venezuela under a five-year expansion that targets roughly 600,000 barrels per day of production.

Chevron's finance chief said the company will more than double its rigs in Venezuela. No before and after numbers exist, and only six firms may operate.