Mike Wirth stated at an industry conference that Chevron would need to invest tens of billions of dollars to restore Venezuela’s oil production to its two-decade peak of 3 million barrels per day, highlighting significant capital commitment for aging fields and facilities.

Since February 28, oil price volatility and record $173/barrel Oman crude have driven energy shares higher, with dividend yields across major producers, including Chevron, rising to between 2% and 5.1%, reflecting renewed investor interest.

In January, Venezuela enacted major hydrocarbon law reforms under interim leadership, formally opening the energy sector to private and foreign capital for the first time in years, aiming to attract substantial international investment.

Years of underinvestment, maintenance backlogs and lingering sanctions have left Venezuela’s pipelines and processing facilities in disrepair, prompting energy firms to conduct initial assessments of logistics, ownership structures and remediation costs before committing funds.