Venezuela Must Cut Taxes to Attract Investment, Chevron CEO Says

Chevron Corp. needs the Venezuelan government to lower taxes and royalties on oil production if it is to invest fresh capital in the country next year, Chief Executive Officer Mike Wirth said.

The sole US oil giant operating in Venezuela, Chevron currently only reinvests revenue it makes within the country under a US Treasury-sanctioned program to recover debt from state-owned Petroleos de Venezuela SA. With oil trading for around $100 a barrel over much of the past two months, the debt should be fully paid within a year, Wirth said in an interview with Bloomberg TV.