The US is in talks with Chevron, other crude producers, and major oilfield service providers about a plan to quickly raise Venezuela’s crude production, Bloomberg News reported on Saturday.

Officials have discussed deploying SLB, Halliburton and Baker Hughes to repair and replace outdated equipment, the report said.

With limited investment, Venezuela could boost production by several hundred thousand barrels, the report said, adding that modern US equipment and techniques could revitalise existing wells and bring new production online within months.