Trump claims US oil firms could be ‘up and running’ in Venezuela within 18 months

President Donald Trump said the US oil industry could be “up and running” within 18 months with increased operations in Venezuela after a surprise military operation forced President Nicolás Maduro from power.

Trump told NBC News that “a tremendous amount of money is going to have to be spent, and the oil companies are going to spend it, the oil companies are going to spend it, and then they’re going to get reimbursed from us or through revenue.”

Representatives from major US oil companies planned to meet with the Trump administration later this week, BBC partner CBS News reported.

Analysts have previously told the BBC it could take tens of billions of dollars, possibly a decade, to restore Venezuela’s former production.

Trump’s remarks came just days after he said the United States would “rule” Venezuela following the ouster of Maduro, who is now being brought to the United States to face criminal charges.

Speaking to NBC about the 18-month timeframe, Trump predicted that oil production “could increase sooner than that, but it would cost a lot of money.”

He has openly expressed his ambitions for American oil companies to expand their operations in the country.

“Having a Venezuela that is an oil producer is good for the United States because it keeps oil prices low,” Trump added.

Analysts who previously spoke to the BBC were skeptical that Trump’s plans would have a major impact on global oil supply and therefore its price. They argued that firms would seek assurance that a stable government was in place, and even if they invested, their projects would not yield results for years.

Trump recently claimed that American oil companies could repair Venezuela’s oil infrastructure.

The country is estimated to have 303 billion barrels of proven reserves, the world’s largest, but oil production has been in decline since the early 2000s.

The Trump administration sees significant potential in Venezuela’s reserves for its own energy prospects.

Increasing the country’s oil production would be expensive for US companies. Additionally, Venezuelan oil is heavy and more difficult to refine. Chevron is currently the only US company operating in the country.

Asked to comment on Trump’s plans for U.S. oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and well-being of our employees as well as the integrity of our assets.”

“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.

ConocoPhillips, a major U.S. oil company that no longer has a presence in Venezuela, is “monitoring developments in Venezuela and their potential impact on global energy supply and stability,” spokesman Dennis Nuss said.

“It would be premature to speculate on future business activities or investments,” Nuss said.

A third company, Exxon, did not immediately respond to requests for comment.

While justifying Maduro’s removal from Caracas, Trump also claimed that Venezuela “unilaterally seized and stole American oil.”

Vice President J.D. Vance echoed allegations about

The truth is more complex.

U.S. oil companies have a long history of drilling for oil in Venezuela under licensing agreements.

Venezuela nationalized its oil industry in 1976, and in 2007 President Hugo Chavez imposed greater state control over the remaining foreign-owned assets of U.S. oil companies operating in the country.

In 2019, a World Bank court ordered Venezuela to pay $8.7 billion to ConocoPhillips as compensation for that 2007 move.

This amount was not paid by Venezuela, so at least one US oil company owes unpaid compensation.

However, BBC Verify’s Ben Chu said that the claim that Venezuela “stole” American oil is too simplistic, as experts say the oil does not actually belong to anyone other than Venezuela.