Chevron CEO Mike Wirth stated that Venezuela’s recent changes to its oil policy mark a step in the right direction but emphasized that more reforms are necessary to attract substantial foreign investment. Speaking on CBS’ Face the Nation, Wirth noted, 'It moves things in a positive direction. It still needs some work. It’s probably not enough to bring in the level of investment that would be desirable.'
The Venezuelan government, under acting President Delcy Rodríguez, has shifted away from its historically nationalist oil policies in an effort to revive its struggling industry. This move follows the Trump administration’s successful push to replace Nicolás Maduro earlier this year. A delegation of US oil executives recently met with Rodríguez in Caracas to discuss investment opportunities, signaling growing interest among US firms beyond Chevron.
Wirth expressed confidence that increased Venezuelan oil production would bolster US energy security. However, he cautioned that Venezuela’s diminished workforce, exacerbated by emigration, poses a significant hurdle. 'It takes engineering, supply chains, contracts, and workers moving and being mobilized,' he said.
'An increase in production there would improve energy reliability and supplies in the United States.'
The Trump administration’s recent invocation of the Defense Production Act to fund energy projects underscores its commitment to lowering energy costs. Yet, Wirth warned against expecting immediate results, stating that reviving production is a complex process that cannot be expedited overnight.