Chevron CEO: Venezuela's Oil Reforms Positive, But Not Enough

Chevron Corporation’s Chief Executive Officer, Mike Wirth, assesses that changes in Venezuela’s oil policy indicate a positive direction for attracting foreign investment. However, according to him, these steps are still not enough to drive a comprehensive industry recovery. “It is heading in a positive direction. But further improvements are needed. It may not yet be sufficient to attract the desired level of investment. So I see that there is indeed progress,” Wirth said, quoted from Bloomberg on Monday (27/4/2026). In the weeks following Maduro’s arrest, Venezuela has altered its long-standing nationalistic oil policies as an effort to draw in foreign investors. Interest in this is beginning to show. Several executives from US oil companies who met Rodríguez in Caracas last week requested investment security guarantees. This indicates that interest is no longer limited to Chevron and other major companies. “Increasing production there will enhance energy reliability and supply in the United States,” he stated. However, he reminded that industry recovery cannot happen instantly. One of the main challenges is the reduction in skilled labour due to emigration. Many experienced workers have left Venezuela, so large-scale recovery heavily depends on whether they are willing to return. This view also aligns with statements from opposition leader María Corina Machado. “You cannot simply turn production back on immediately. It requires engineering, supply chains, contracts, and workforce mobilisation,” she said. Separately, various reports also indicate that although there is progress, Venezuela’s oil industry still faces regulatory uncertainty and the need for significant investment to fully recover.