President Donald Trump said the United States may reimburse energy companies for rebuilding Venezuela’s oil sector, as his administration looks to encourage investment following the recent removal of Nicolás Maduro.
In an interview with NBC News on Monday, Trump said American oil firms could revive operations in Venezuela within 18 months—a timeline energy analysts view as optimistic. He did not offer a detailed plan but said the effort would require significant funding.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump said. “A tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue.”
Trump said increased oil production from Venezuela could help lower prices in the U.S.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” he said.
He did not specify costs or how revenues would be managed during the rebuilding process. When asked if he had spoken with executives at major oil firms—Exxon Mobil, Chevron, and ConocoPhillips—Trump said it was “too soon” to comment on specific conversations, adding, “I speak to everybody.”
U.S. Energy Secretary Chris Wright is expected to meet with oil executives this week during the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami, according to people familiar with the matter. Executives from Chevron, ConocoPhillips, and other major firms are scheduled to attend.
Venezuela’s oil infrastructure has suffered after years of corruption, underinvestment, and operational failures. Industry analysts estimate it could take up to 10 years and $100 billion to fully restore production. Chevron is currently the only major U.S. oil company still operating in the country.
Trump did not provide an estimate for the total investment required, stating only that “a very substantial amount of money will be spent.”
