Venezuela plans to grant additional oil-production land to Chevron Corp. and Spain's Repsol SA as the Trump administration encourages private companies to rebuild the nation's energy sector, according to people familiar with the matter. The move signals a shift in Venezuela's approach to foreign investment in its oil industry, which has been struggling under U.S. sanctions and years of underinvestment.

Chevron has been operating in Venezuela since the 1920s and was granted a license to resume limited operations there last year. Repsol, which has been active in Venezuela since the 1980s, has also been seeking to expand its presence. The additional land grants would allow both companies to increase production and potentially help Venezuela boost its oil output, which has fallen dramatically in recent years.

The Trump administration's push for private investment in Venezuela's energy sector represents a significant policy shift. By allowing Chevron and Repsol to expand operations, the U.S. aims to increase pressure on President Nicolas Maduro while also potentially increasing global oil supplies. This development could have significant implications for both the Venezuelan economy and global oil markets.