Chevron CEO Mike Wirth views recent Venezuelan oil policy changes as insufficient to trigger a full industry revival.
Chevron currently produces between 250,000 and 260,000 barrels per day through joint ventures with state-owned PDVSA.
Venezuela holds the world's largest proven oil reserves.
Sanctions and chronic underinvestment continue to hamper national output.
Wirth requires further policy improvements to de-risk the environment for substantial long-term capital.