Chevron CEO: More reforms to the Hydrocarbons Law are needed for "significant investments" in Venezuela

The CEO of the U.S. oil company Chevron, Mike Wirth, expressed the need for further reforms to Venezuela's Hydrocarbons Law to expand operations and make "significant investments" in the oil sector. By The Wall Street Journal, Chevron increased oil production in Venezuela earlier this year, but large investments in the country's energy sector will require more changes to its laws, Wirth stated during his participation in the CERAWeek 2026 forum, according to a publication by The Wall Street Journal. In January 2026, Venezuela approved the reform of the Hydrocarbons Law to increase private investment, and in recent weeks, Trump administration officials have spoken with U.S. oil executives about the need to make greater investments in Venezuela to secure the Western Hemisphere's fuel supply lines while the conflict with Iran keeps the Strait of Hormuz closed, the note indicates. Wirth also stated that to increase production to levels of a decade ago, it is also necessary to "adjust" what he called the current legal uncertainty and offer greater legal security. He highlighted that the multinational seeks to maintain a long-term vision, marketing Venezuelan heavy crude to North American refineries.