Source: Fortune
Summary
Chevron CEO Mike Wirth says changes to Venezuela’s oil policy are a positive step towards attracting foreign investment, but more measures are needed. Wirth expressed confidence in the Trump administration’s Venezuela policy after the US toppled Nicolás Maduro and Delcy Rodríguez became acting president. US oil executives, including those from Chevron, met with Rodríguez in Caracas to discuss investment opportunities. Wirth also cautioned about the challenges of reviving Venezuela’s oil industry, citing the need for skilled workers and infrastructure. He also expressed skepticism about Trump’s decision to invoke the Defense Production Act to fund energy projects.
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The announcement sounds familiar.
Chevron’s Mike Wirth is cautiously optimistic about Venezuela’s oil industry revival. The company is one of several US oil majors eyeing investment opportunities in the country. Wirth’s comments come as the Trump administration faces pressure to help rein in rising energy costs. The CEO’s caution about the challenges of reviving Venezuela’s oil industry is a reminder that rebuilding a diminished workforce and infrastructure won’t happen overnight. The situation is a classic case of ” confidence during uncertainty”.
Author: Evan Null
