Jan. 30 at 4:58 PM
Chevron CEO Mike Wirth said Venezuela is taking positive steps to protect private oil investment following the ouster of former President Nicolás Maduro, citing recent reforms to the country’s hydrocarbon law that reduce state control and give private producers more autonomy. Wirth said contract security, regulatory predictability, and commercial stability are essential for attracting foreign investment, and that recent moves point in the right direction.
Chevron, the only U.S. oil major currently operating in Venezuela under a Treasury Department license, produces about 250,000 barrels per day through joint ventures with state oil company PDVSA. Wirth said the company could boost production by up to 50% over the next 18 to 24 months if it receives authorization from the U.S. government. He added that Chevron’s operations have remained stable and secure despite broader challenges in the country.
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