Chevron Venezuela has taken aggressive steps to protect investments by private oil companies since the Trump administration captured former President Nicolas Maduro, CEO Mike Voss said on Friday.

Venezuela passed on Thursday Hydrocarbons law reform This eased state control over the oil industry and gave private producers more autonomy.

Voss said Chevron is still reviewing the legislation. Contractual security, commercial stability and regulatory predictability are key to attracting investment in Venezuela, the CEO said.

“We’re seeing Venezuela taking proactive steps to address these issues, and that will encourage investment, not just from companies like ours but from other companies that I think are also looking at the opportunities there,” Voss told CNBC. “Cries in the Street” in an interview.

Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the U.S. Treasury Department. The company currently produces about 250,000 barrels of oil per day through a joint venture with Petroleos de Venezuela (PDVSA).

Voss said on Friday that Chevron could increase production in Venezuela by up to 50% in the next 18 to 24 months if it receives authorization from the U.S. government.

Wall Street generally believes that Chevron is the U.S. oil company most likely to benefit from U.S. military intervention in Venezuela because of its operations in Venezuela and its relationship with PDVSA.

“We stayed when others didn’t,” Voss said. “Some of the debt we owe is being paid down, and that does give us a significant head start. And the country has tremendous long-term potential.”

The CEO said the security situation where Chevron operates is generally stable, although some areas of Venezuela are less safe.

“We have good, strong safety protocols and security protocols in place in the country,” Voss said. “Throughout this entire period, our operations have continued without interruption.”

Chevron reports fourth quarter earnings On Friday, it exceeded expectations. The oil giant’s global production will increase by 12% by 2025, with U.S. production increasing by 16% to record levels.

While Chevron is ready to ramp up production, rivals Exxon Mobil The company is wary of returning to Venezuela after its assets were seized twice in the past. Exxon Mobil CEO Darren Woods said the country Unable to invest. He told CNBC on Friday that the country needs transition to democracy Make investments count.

president Donald Trump The oil industry is being pressured to invest at least $100 billion to rebuild Venezuela’s energy sector.

Chevron shares rose 1.4% after reporting results. The stock has gained nearly 14% since the beginning of the year, outperforming the market.