Chevron sees progress in Venezuela oil reforms but warns more needed

Published: 2026-04-28 14:10:23 ET CVX

Published on 04/28/2026 at 02:10 pm EDT

Chevron Corp. Chief Executive Officer Mike Wirth said recent changes to Venezuela’s oil framework signal tentative progress in attracting foreign investment, though he cautioned that further policy adjustments will be required to unlock meaningful capital flows, Bloomberg reported.

Speaking in an interview, Wirth said the shift “moves things in a positive direction,” but added it is “probably not enough to bring in the level of investment that would be desirable,” underscoring the limited impact of reforms introduced after Nicolás Maduro’s removal in January and the installation of an interim government led by Delcy Rodríguez.

The policy overhaul marks a departure from Venezuela’s long-standing nationalist approach, with authorities seeking to draw in international oil companies. Interest appears to be broadening, as executives from US firms have recently sought assurances over investment conditions during visits to Caracas.

Wirth said a revival in Venezuelan output could help bolster energy reliability and supply in the United States, particularly given the country’s vast reserves. However, he pointed to structural constraints that could slow any recovery, including the loss of skilled workers following years of emigration.

He also cautioned against expectations of a rapid rebound in production, noting that scaling up output requires time, infrastructure development and workforce mobilisation.

While expressing confidence in US policy towards Venezuela, Wirth signalled that rebuilding the sector will be gradual, even as reforms begin to reshape the investment landscape.