President Donald Trump indicated that the U.S. could provide financial support for energy companies aiming to reconstruct Venezuela’s oil sector, as his administration works to persuade firms to invest in the nation shortly after the removal of leader Nicolás Maduro.
In a Monday interview, Trump stated that a project for U.S. oil companies to increase their activities in Venezuela could be operational in under 18 months—a timeline that sharply contradicts assessments from energy specialists. Meanwhile, oil firms have remained mostly quiet regarding their plans to reinvest there.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump told NBC. “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.”
These statements highlight the administration’s belief that Venezuela’s extensive oil resources are crucial for its revival and for U.S. strategic goals. However, Trump has provided little detail on the mechanics of restoring production or on who would manage the income during the transition period.
When questioned about discussions with top executives at Corp., Corp., and , Trump responded that it was “too soon” to disclose any conversations, noting: “I speak to everybody.”
According to informed sources, U.S. Energy Secretary Chris Wright is set to meet with oil-industry executives this week. Wright will be present at the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami, which is also expected to be attended by executives from Chevron, ConocoPhillips, and other firms.
Earlier:
Venezuela’s crude oil infrastructure has been devastated by years of corruption, lack of investment, fires, and theft. Major oil companies have been reticent about their interest in restarting operations, and energy analysts estimate that rebuilding the country’s oil industry could take a decade and cost more than $100 billion. Chevron remains the sole oil supermajor with ongoing operations in Venezuela.
Trump did not specify the potential cost of rebuilding and expanding Venezuela’s oil infrastructure, NBC News reported, commenting only that “It’ll be a very substantial amount of money will be spent.”
The president also said he anticipated that increased energy supplies from Venezuela would contribute to lowering oil prices.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” Trump said.
Ahead of the important midterm elections this year, the president has attempted to assure voters that his administration is focused on economic concerns, even though affordability worries have primarily involved the cost of food and housing.
Earlier:
Trump’s comments emerge amid skepticism surrounding his bold military action in Venezuela, which led to Maduro’s capture.
The U.S. president has defended the operation as essential to capture a man accused by American officials of leading a drug-trafficking network and to reclaim oil assets. Critics have argued the U.S. may have violated international law and cautioned that Trump lacks congressional or public support for embarking on a nation-building endeavor.
A defiant Maduro was charged in a New York court on Monday and entered a not guilty plea to drug and weapons charges, declaring himself an “innocent” and “decent man.”
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On Monday, the U.S. president stated that Delcy Rodriguez, who was Maduro’s vice president and assumed the role of acting president after his ouster, has been cooperating with his administration. He also tempered expectations for swift elections in the country.
“We have to fix the country first. You can’t have an election. There’s no way the people could even vote,” Trump told NBC when asked about the possibility of a vote in the next month.
“No, it’s going to take a period of time. We have — we have to nurse the country back to health,” Trump said.