Chevron CEO Says Venezuela Must Do More for Oil Industry Revival
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Article content(Bloomberg) — Chevron Corp.
Chief Executive Officer Mike Wirth said changes to Venezuela’s oil policy are a sign of progress in trying to attract foreign investment, though further measures are needed.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“It moves things in a positive direction,” Wirth said on CBS’ Face the Nation. “It still needs some work. It’s probably not enough to bring in the level of investment that would be desirable. So I think there’s progress that’s been made.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentWirth expressed confidence in the Trump administration’s Venezuela policy after the US toppled Nicolás Maduro in January and Delcy Rodríguez became the country’s acting president. Within weeks after Maduro’s capture, Venezuela changed its long-standing nationalist oil policy in a bid to entice investors.Article contentArticle contentA group of US oil executives who met Rodríguez in Caracas last week pressed for assurances that Venezuela was safe to invest in, a sign that interest among US oil companies is growing beyond Chevron and other majors as President Donald Trump calls for a revival of production in Venezuela.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“An increase in production there would improve energy reliability and supplies in the United States,” Wirth said.Article contentHe said Venezuela’s diminished oil workforce, with many skilled workers lost to emigration, makes any large-scale industry recovery dependent on whether expatriates return, a point also raised by opposition leader María Corina Machado.Article contentWirth expressed a note of caution about Trump’s decision last week to invoke the Defense Production Act to provide federal funds for energy projects as his administration faces pressure to help rein in rising energy costs. Article content“You can’t turn on production at a moment’s notice,” he said. “It takes engineering, it takes supply chains, it takes contracts and workers moving and being mobilized.” Article contentTrending Canada doesn't have the leverage over the U.S. it seems to think it has, says trade lawyer Economy An old factory in Welland, Ont., sat derelict for years — until someone discovered it could be worth billions Mining Where Canada's condo market is headed: FP Video News Canada's condo supply is about to fall off a cliff Real Estate Posthaste: Here's what the Bank of Canada will do when it moves on interest rates, says top think tank News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Canada doesn't have the leverage over the U.S. it seems to think it has, says trade lawyer Economy An old factory in Welland, Ont., sat derelict for years — until someone discovered it could be worth billions Mining Where Canada's condo market is headed: FP Video News Canada's condo supply is about to fall off a cliff Real Estate Posthaste: Here's what the Bank of Canada will do when it moves on interest rates, says top think tank News