Chevron $CVX sees movement in Venezuela “in the right direction,” but it’s not a game‑changer yet. After Maduro was ousted and Delcy Rodríguez came to power, Caracas began changing oil legislation aimed at attracting foreign capital — lighter state control, more room for private producers, new agreements with Chevron and other players in the Orinoco Belt. Mike Wirth openly says, however, that this is not yet enough for the “desired” volume of investment: the framework is improving, but legal certainty, contractual stability and protection of capital still need to progress significantly beyond today’s first steps.

At the same time he warns of a harsh reality: changing the law and sending a signal to investors isn’t enough — there is also a lack of human capital — the oil industry lost a large share of its skilled workforce over the past decade, who left abroad. Without the return of expats and massive investments to rebuild infrastructure and the supply chain, there will be no quick return to “oil power,” even though Trump is pushing to revive production in Venezuela and is invoking the Defense Production Act to speed up energy projects at home with federal funds. Wirth summed it up soberly: you can’t “turn on” oil on command — it takes projects, contracts, engineers and time.