Chevron Venezuela: Hydrocarbons Law Reform Needed for Investment

The CEO of the American oil company Chevron, Mike Wirth, expressed the need for major reforms to Venezuela’s Hydrocarbons Law to expand operations and make “significant investments” in the oil sector.

Chevron increased oil production in Venezuela earlier this year, but Large investments in the country’s energy sector will require more changes to its lawsexpressed Wirth during his participation in the CERAWeek 2026 forum, according to a publication in 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 US oil executives about the need to make greater investments in Venezuela to secure fuel supply lines in the Western Hemisphere while the conflict with Iran keeps the Strait of Hormuz closed, the note indicates.

Wirth also stated that, To increase production to levels from a decade ago, it is also necessary to “adjust” what he called current legal uncertainty. and offer greater legal security. He highlighted that the transnational seeks to maintain a long-term vision, marketing Venezuelan heavy crude oil to North American refineries.

Wirth stated that access to international arbitration would be important and that the fiscal terms recently approved by the National Assembly of Venezuela in the reform of the Hydrocarbons Law were relatively broad, which required specific incentives, according to a review by the Reuters Agency.

«At one end of the spectrum we find investments that seem attractive, and at the other, investments that probably would not be. Therefore, There is still discretion and some ambiguity or uncertainty in the law that, in my opinion, can be clarified“, said.

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