Mike Wirth, CEO of Chevron, stated this Sunday that any significant recovery of the Venezuelan oil industry depends on the return of skilled workers who have emigrated from the country, in an interview with the 'Face the Nation' program on CBS.
Wirth acknowledged that Venezuela had a very talented workforce in the sector 25 years ago, linked to the state-owned company PDVSA, but many of those professionals have settled with their families in other countries and do not have a guaranteed return.
"It is undeniable that 25 years ago there was a very talented workforce in our industry in Venezuela, working for the state-owned company, many of whom have moved to other parts of the world, working in other countries now, having established their lives and families in those places," the executive stated.
Regarding the possibilities of return, Wirth was cautious: "I believe we will see some people choose to return. I think we will probably see others who choose to stay wherever their life is centered today."
This warning comes at a time when interest from U.S. oil companies in Venezuela is rapidly increasing. Last week, a group of executives from the sector met with interim president Delcy Rodríguez in Caracas and demanded security guarantees to invest in the country, indicating that the interest extends beyond Chevron.
In that same meeting, Chevron signed two major agreements to expand operations in the Orinoco Belt, and the company already tripled its exports of Venezuelan crude to 300,000 barrels per day in March, compared to 100,000 in December 2025.
Wirth described the changes in Venezuelan oil policy —including the reform of the Organic Law of Hydrocarbons approved in January— as a sign of progress, albeit with reservations: "This drives things in a positive direction. There is still work to be done. It is likely not enough to attract the desired level of investment".
The executive also emphasized Venezuela's strategic value for U.S. energy supply: "An increase in production there would improve the reliability and supply of energy in the United States."
This argument carries special weight in the context of the global energy crisis triggered by the blockage of the Strait of Hormuz since February 28, which has interrupted 20% of the world's oil supply.
Wirth confirmed that he maintains regular conversations with Secretary of State Marco Rubio and that he had spoken with the administration on Sunday about energy supply to U.S. markets.
About the political future of Venezuela, he stated: "I have heard Secretary Rubio say that he sees elections as part of the plan in due time. And I take him at his word".
The 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 real democratic transition, a stance that partially aligns with Wirth's own assessment of the industry's dependence 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 revitalizing Venezuelan oil production.
Venezuela aims for total investments of 1.4 billion dollars in the sector by 2026, compared to the 900 million from the previous year.
Filed under: