Chevron CEO says Venezuela is taking positive steps to protect private oil investment [MSNBC.com]
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Source: MSNBC.com
ChevronVenezuela on Thursday passedreforms to its hydrocarbon lawWirth said Chevron is still reviewing the legislation. The CEO said security of contracts, commercial stability and regulatory predictability are key to attract investment in Venezuela."We see Venezuela taking steps in a positive direction to address those issues, which will encourage investment, not only from a company like ours, but from from others that I think are also considering the opportunities there," Wirth told CNBC's"Squawk on the Street"Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department. It is currently producing about 250,000 barrels per day through joint ventures with state oil company Petróleos de Venezuela (PDVSA).Wirth said Friday that Chevron could increase production in Venezuela by up to 50% over the next 18 to 24 months if the company receives authorization from the U.S. government.Wall Street largely views Chevron as the U.S. oil com
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