CEO of Chevron: Revitalizing Venezuela’s Oil Industry Hinges on Return of Skilled Workers

Chevron CEO Mike Wirth stated on Sunday that a significant recovery of Venezuela's oil industry is contingent upon the return of skilled workers who have left the country. He made these comments during an interview on CBS's 'Face the Nation'.

Wirth acknowledged that 25 years ago, Venezuela had a highly talented workforce in the oil sector, primarily tied to the state-owned company PDVSA. However, many of these professionals have since relocated with their families to other countries, and their return is not guaranteed.

"It's undeniable that 25 years ago there was a very talented workforce in our industry in Venezuela, working for the state company. Many have moved to other parts of the world, are working in other countries now, and have established their lives and families there," Wirth explained.

When discussing the potential for these workers to return, Wirth exercised caution: "I think we will see some individuals choosing to return. However, I believe others will opt to remain where their lives are currently centered."

Rising Interest from U.S. Oil Companies

This warning comes at a time when interest from U.S. oil companies in Venezuela is rapidly increasing. Last week, a group of industry executives met with interim President Delcy Rodríguez in Caracas, demanding security assurances for investing in the country, indicating that the interest extends beyond just Chevron.

During that same meeting, Chevron signed two substantial agreements to expand operations in the Orinoco Belt, and the company has already tripled its exports of Venezuelan crude to 300,000 barrels per day as of March, up from 100,000 in December 2025.

Venezuelan Policy Changes and Strategic Importance

Wirth described the changes in Venezuelan oil policy—including the reform of the Organic Hydrocarbons Law approved in January—as a positive step, albeit with reservations: "This moves things in a positive direction. There's still work to be done, and it may not be enough to attract the desired level of investment."

The executive also emphasized Venezuela's strategic value to the U.S. energy supply: "An increase in production there would enhance energy reliability and supply in the United States."

This argument is particularly relevant given the global energy crisis triggered by the blockade of the Strait of Hormuz since February 28, which has disrupted 20% of the world's oil supply.

Wirth confirmed that he maintains regular discussions with Secretary of State Marco Rubio and had spoken with the administration on Sunday about energy supply to U.S. markets.

Political Future and Opposition Views

Regarding Venezuela's political future, Wirth noted: "I've heard Secretary Rubio say that he sees elections as part of the plan in due time. I take him at his word."

Opposition leader María Corina Machado, who was interviewed in a previous edition of the program, warned that oil sector workers will not return to Venezuela until they see a genuine democratic transition, a stance that partially aligns with Wirth's assessment of the industry's reliance on its skilled diaspora.

The Trump administration removed Delcy Rodríguez from the OFAC sanctions list on April 1 and reopened the embassy in Caracas on March 30 as part of a rapprochement policy aimed at reviving Venezuelan oil production.

Venezuela is projecting total investments of $1.4 billion in the sector by 2026, compared to $900 million the previous year.