What specific fiscal changes does Chevron's CEO say Venezuela must make to attract new investment?

Chevron CEO Mike Wirth stated that Venezuela must lower taxes and royalties on oil production to enable investors to earn a return, saying, 'Right now the amount of tax and royalty that’s paid doesn’t leave enough for an investor to get a return on their investments,' and emphasized the need for 'a new set of fiscal terms'—including clarity on corporate income tax rates and royalty structures—before Chevron would commit fresh capital beyond its current sanctioned reinvestment program.

Why is Chevron currently limiting its investment in Venezuela to reinvesting local revenue, and when might that change?

Chevron is currently only reinvesting revenue generated within Venezuela under a US Treasury-sanctioned program designed to recover debt from PDVSA; Wirth said this debt should be fully paid within a year given recent oil prices near $100 per barrel, after which 'we need a new set of fiscal terms under which we would invest in the country,' but stressed that Chevron will not deploy new capital until there is sufficient clarity on the fiscal regime, contract stability, and the broader operating environment.

Venezuela Must Cut Taxes to Attract Investment, Chevron CEO Says

May 29, 2026

Chevron CEO Mike Wirth urges Venezuela to cut taxes and royalties to enable fresh investment beyond debt recovery. Current fiscal terms lack clarity and fail to provide sufficient returns for investors targeting the nation's vast oil reserves.

bloomberg

2026-05-04

Chevron 'Concerned' Over Hormuz Transit as US, Iran Trade Fire

2026-05-05

US-Iran Ceasefire Holds After Hormuz Clashes and UAE Strikes

2026-05-29

Ships Attacked in Strait of Hormuz This Week, Chevron CEO Says

2026-05-29

Venezuela Must Cut Taxes to Attract Investment, Chevron CEO Says

2026-06-12

Chevron May Expand Middle East Footprint Over Time, CEO Says