Chevron CEO Mike Wirth characterized Venezuela’s recent oil policy changes as a positive step in an April 27 interview. He stated the measures are currently insufficient to attract optimal levels of foreign investment.
The policy shifts follow the January removal of the Nicolas Maduro government. Wirth noted that higher Venezuelan production would improve energy reliability and supplies for the United States.
A depleted skilled workforce presents a primary obstacle to a large-scale industry recovery. Any sector revival remains dependent on the return of expatriated workers.