President Donald Trump says the US oil industry could be up and running with increased operations in Venezuela within 18 months, after a surprise military operation removed President Nicolás Maduro from power.
Trump told NBC News that a tremendous amount of money will have to be spent, and the oil companies will spend it, and the oil companies will spend it, and then they'll get reimbursed by us or through revenue.
Representatives from major US petroleum companies planned to meet the Trump administration later this week, CBS News reported.
Analysts had previously informed BBC that it could take tens of billions of dollars, and potentially a decade, to restore Venezuela's former output.
Trump's remarks came days after he said the US would run Venezuela following Maduro's ousting, who has now been brought to the US to face criminal charges.
Speaking to NBC about his 18-month timeframe, Trump speculated that oil production could ramp up in less time than that, but it'll be a lot of money.
He has clearly articulated his ambitions for American petroleum companies to expand their operations in the nation, stating, Having a Venezuela that's an oil producer is good for the United States because it keeps the price of oil down.
However, analysts previously indicated skepticism regarding Trump's plans, suggesting they would not significantly impact global oil supply or prices. They noted that firms would likely seek assurance of a stable government before investing, and even then, it may not yield immediate production results.
Trump has also asserted that American oil companies can fix Venezuela's oil infrastructure.
The country possesses an estimated 303 million barrels, the largest proven reserves globally, yet currently produces only a fraction, with output declining since the early 2000s.
The Trump administration views significant potential for its own energy prospects in Venezuela's reserves, but increasing production would be costly for US firms. Furthermore, Venezuelan oil is heavy and more challenging to refine. Currently, only Chevron operates there, and spokesman Bill Turenne stated the company's focus remains on employee safety and asset integrity while complying with relevant laws.
Other major US energy companies like Exxon and ConocoPhillips did not comment on Trump's plans immediately.
While justifying the seizure of Maduro from Caracas, Trump claimed that Venezuela unilaterally seized and stole American oil. Vice President JD Vance echoed this sentiment, referring to the Venezuelan government's actions as theft of American oil property.
However, energy law experts note that oil found in Venezuela is owned by the government, and petroleum companies can extract it under licensed agreements. Venezuela nationalized its oil industry in 1976, with more state control enforced in 2007 under Hugo Chávez.
BBC Verify contributed to this report.
