Apr. 27 at 11:34 PM
Chevron CEO Mike Wirth said Venezuela is moving in a “positive direction” with recent oil policy changes aimed at attracting foreign investment, but still needs further reforms to support large-scale industry recovery.
He noted that current measures remain insufficient to bring in the level of capital required, stressing the importance of legal stability and investor confidence. Wirth also highlighted that rebuilding Venezuela’s oil sector will depend heavily on the return of skilled expatriate workers, given the weakened domestic labor force after years of emigration.
He added that restoring production capacity will take time, as it requires rebuilding engineering capability, supply chains, and workforce mobility, meaning output cannot be rapidly ramped up even under improved policies.
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