By Collin Eaton

Chevron boosted oil production in Venezuela early this year, but big investments in the country's beleaguered oil sector will require more changes in its laws, Chevron CEO Mike Wirth says.

Venezuela earlier this year rewrote key hydrocarbon laws to favor private investment, and Trump officials have spoken in recent weeks with U.S. oil executives about the need to invest more in the country to secure Western Hemisphere fuel supply lines while the Iran conflict keeps the Strait of Hormuz closed.

There is "uncertainty in the law that I think could be tightened up," Wirth said at the S&P Global CERAWeek energy conference in downtown Houston Monday, adding that tens of billions in investments would be needed to push Venezuela's oil production to the levels seen a decade ago. Chevron is the only U.S. oil company currently pumping oil in Venezuela.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 23, 2026 11:22 ET (15:22 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.