US President Donald Trump has said American oil companies could begin large-scale operations in Venezuela within 18 months, following a surprise US military action that led to the removal of President Nicolás Maduro from power.
In an interview with NBC News, Mr Trump said restoring Venezuela’s oil sector would require significant investment, but insisted US energy firms were willing to spend heavily to revive production. He added that the companies would later recover their costs either through US government arrangements or future oil revenues.
US media reports say representatives from several major American oil producers are expected to hold talks with the Trump administration later this week to discuss potential involvement in Venezuela’s energy sector.
Trump’s comments come despite earlier warnings from industry analysts that reviving Venezuela’s oil output could take far longer and cost much more than suggested. Experts previously told the BBC that rebuilding production capacity could require tens of billions of dollars and up to a decade of sustained investment.
Speaking about his timeline, Mr Trump said oil production could potentially resume even sooner than 18 months, though he acknowledged the scale of spending required would be substantial. He said the US sees strategic value in Venezuela returning as a major oil producer, arguing that higher output would help keep global energy prices stable.
The US president has repeatedly stated that Washington intends to oversee a transition period in Venezuela after Mr Maduro’s removal. The former Venezuelan leader has since been transported to the United States, where he is expected to face criminal charges related to drug trafficking and weapons offences, allegations he has previously denied.
While Mr Trump has expressed confidence that US companies can repair Venezuela’s damaged oil infrastructure, analysts remain cautious. They note that investors will likely seek assurances of long-term political stability before committing capital, and that any new projects would take years to deliver meaningful production.
Venezuela holds the world’s largest proven oil reserves, estimated at around 303 billion barrels. However, output has been falling for more than two decades due to underinvestment, sanctions, mismanagement and the deterioration of facilities. The country’s oil is also heavy crude, which is more expensive and technically challenging to extract and refine.
At present, Chevron is the only major US firm still operating in Venezuela. Asked about the administration’s plans, a Chevron spokesperson said the company remains focused on the safety of its employees and the protection of its assets, while continuing to comply with all applicable laws and regulations.
Another major energy firm, ConocoPhillips, said it is closely monitoring developments in Venezuela but stressed it was too early to discuss any future investments or business decisions. The company previously exited the country amid political and legal disputes.
Exxon, which also no longer operates in Venezuela, did not immediately comment on the president’s remarks.
Analysts have pointed out that even if US firms move quickly, Venezuela’s contribution to global oil supply would likely remain limited in the near term. Years of neglect mean pipelines, refineries and export terminals would need extensive repairs before production could increase significantly.
Despite these challenges, the Trump administration believes Venezuela’s vast reserves present a long-term opportunity for US energy companies. Officials argue that restoring production could benefit both countries by generating revenue for Venezuela while supporting US energy security.
For now, markets and industry observers remain cautious, with many questioning whether the ambitious timeline outlined by the president can be achieved given the technical, financial and political hurdles involved.