Getty ImagesPresident 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, BBC’s partner CBS News reported.
Analysts previously told the BBC 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 after the ousting of Maduro – 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 been explicit about his ambitions for American petroleum companies to scale up their operations in the country.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” Trump added.
The analysts who previously spoke to the BBC were sceptical that Trump’s plans would have a major impact on the global supply – and therefore price – of oil. They suggested that firms would look for reassurance that a stable government was in place, and even when they did invest, their projects would not deliver for years.
Trump has claimed in recent days that American oil companies can fix Venezuela’s oil infrastructure.
The country has an estimated 303 million barrels, the world’s largest proven reserve. But it produces just a fraction of that amount, and its production has been in decline since the early 2000s.
The Trump administration sees significant potential for its own energy prospects in Venezuela’s reserves.
Increasing the country’s production of oil would be expensive for US firms. Additionally, Venezuelan oil is heavy and more difficult to refine. There is only one US firm, Chevron, currently working in the country.
Asked for comment about Trump’s plans for US oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing 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.
Other major US energy companies Exxon and ConocoPhillips did not immediately respond to requests for comment.
While justifying the seizure of Maduro from Caracas, Trump also claimed that Venezuela “unilaterally seized and stole American oil”.
Vice President JD Vance echoed those claims on X after Maduro was taken, writing that “Venezuela expropriated American oil property and until recently used that stolen property to get rich and fund their narcoterrorist activities”.
The reality is more complex.
US oil companies have a long history in Venezuela, extracting oil under licence agreements.
Venezuela nationalised its oil industry in 1976 and in 2007, President Hugo Chavez exerted more state control over the remaining foreign-owned assets of US oil firms operating in the country.
In 2019, a World Bank tribunal ordered Venezuela to pay $8.7 billion to ConocoPhillips in compensation for this 2007 move.
That sum has not been paid by Venezuela, so at least one US oil company has outstanding compensation which is owed to it.
But BBC Verify’s Ben Chu said the claim Venezuela has “stolen” American oil is too simplistic, as experts said the oil itself was never actually owned by anyone except Venezuela.
