Chevron CEO Urges Venezuela to Enhance Conditions for Oil Industry Revival

Chevron CEO Sees Progress in Venezuela's Oil Policy

Chevron Corp. Chief Executive Officer Mike Wirth has expressed confidence in the Trump administration's Venezuela policy, citing recent changes to the country's oil policy as a sign of progress in attracting foreign investment. Wirth made his comments on CBS' Face the Nation, stating that while the changes are a step in the right direction, further measures are needed to bring in the level of investment that would be desirable.

The changes to Venezuela's oil policy were made within weeks of the country's acting president, Delcy Rodríguez, taking office. Rodríguez replaced Nicolás Maduro, who was toppled by the US in January. Venezuela's shift away from its long-standing nationalist oil policy is seen as a bid to entice investors, including US oil companies.

A group of US oil executives who met with Rodríguez in Caracas last week pressed for assurances that Venezuela is safe to invest in, indicating growing interest among US oil companies beyond Chevron and other majors. President Donald Trump has called for a revival of production in Venezuela, citing the potential for increased energy reliability and supplies in the United States.

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However, Chevron's Wirth expressed a note of caution about Trump's decision to invoke the Defense Production Act to provide federal funds for energy projects. Wirth pointed out that reviving production in Venezuela would require significant investment in engineering, supply chains, and workforce mobilization.

Note: The above table shows the potential production increase for each company in Venezuela, based on current projections.

Wirth also highlighted the challenge of rebuilding Venezuela's oil workforce, which has been depleted by emigration. Many skilled workers have left the country, making it difficult to achieve large-scale industry recovery. Opposition leader María Corina Machado has also raised this point, emphasizing the need for expatriates to return to Venezuela to revitalize the industry.

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