economy
January 30, 2026
Chevron CEO says Venezuela is taking positive steps to protect private oil investment
Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department.
TL;DR
- Venezuela passed reforms to its hydrocarbon law, easing state control and granting private producers more autonomy.
- Chevron CEO Mike Wirth sees these reforms as positive steps that could encourage investment.
- Chevron is the only U.S. oil major currently operating in Venezuela under a special license.
- Chevron could increase its Venezuelan production by up to 50% in 18-24 months with U.S. government authorization.
- Exxon Mobil CEO Darren Woods considers Venezuela uninvestable and calls for a transition to democracy.
- President Donald Trump is pressuring the oil industry to invest $100 billion in Venezuela's energy sector.
Continue reading the original article