Chevron CEO says patience pays off in landmark Venezuela oil deal

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Chevron's two-decade gamble in Venezuela paid off Wednesday, as a landmark deal secured billions of barrels in new reserves following years of navigating sanctions, asset write-offs, and political turmoil. "You have to have some patience and look at this out over time and not become discouraged. Not pick up and leave when things are difficult," Chevron Chief Executive Officer Mike Wirth said in an interview with Bloomberg. The deal is part of a US government-led push to revive the Latin American country's oil industry, with executives from Chevron, GE Vernova, and Eni SpA joining US Energy Secretary Chris Wright to unveil a wave of energy deals. Wright said the deals represented "tens of billions" worth of investments. Within five years, Chevron estimates it will be producing 600,000 barrels of Venezuelan crude per day at a cost of less than $20 a barrel, while Brent crude closed near $95 a barrel on Wednesday.