Don't believe him for a second.
Right. I am about as far in the industry from the folks who make the CAPEX decisions as one can get.
However, would I invest my company's money in exploration in an environment traditionally hostile toward drilling, production, and refining as California? Especially when the people calling the shots have their eyes on an election and political advancement?
Decisions that can be reversed in a New York second are no guarantee of ROI, in fact, quite the opposite, and 'guarantees' aren't worth the paper they are printed on.
Unless and until there is a serious change in management in California, Venezuela might be a better option, and that isn't saying much, given their track record.
Sorry, California, there are too many far better options for places to drill with your State in the state it's been, and one desperate, pandering politician is not enough bait if you were giving the leases away.