US President Donald Trump has claimed that American oil companies could significantly expand operations in Venezuela within the next 18 months, following a surprise US-led military action that removed President Nicolás Maduro from power.
In an interview with NBC News, Trump said restoring Venezuela’s oil industry would require major investment, largely funded by US energy firms. He suggested those companies would later recover their costs either through US government reimbursement or future oil revenues.
According to CBS News, executives from leading American oil companies are expected to meet with officials from the Trump administration later this week to discuss potential plans.
Energy analysts, however, have previously warned that reviving Venezuela’s oil sector would likely take far longer than Trump suggests. Experts told the BBC that rebuilding the country’s ageing infrastructure could cost tens of billions of dollars and may take up to a decade to return production to former levels.
Trump recently stated that the United States would effectively “run” Venezuela following Maduro’s removal. The former Venezuelan leader has since been transferred to the US, where he is expected to face criminal charges.
Despite acknowledging the high costs involved, Trump remained optimistic, saying oil production could increase even faster than his projected timeline. He has repeatedly emphasised that boosting Venezuelan oil output would benefit the US by helping to stabilise and lower global oil prices.
Industry analysts remain cautious. They argue that oil companies will want assurances of long-term political stability before committing capital, and that any major investments would take years to deliver meaningful increases in supply. As a result, experts doubt the plans would significantly affect global oil prices in the near term.
Venezuela holds the world’s largest proven oil reserves—estimated at 303 billion barrels—but its output has steadily declined since the early 2000s due to mismanagement, underinvestment and sanctions.
While the Trump administration sees strategic value in Venezuela’s energy potential, developing these reserves poses challenges. Venezuelan crude is heavy and expensive to refine, and extensive upgrades would be required. Currently, Chevron is the only major US oil company operating in the country.
Responding to Trump’s remarks, a Chevron spokesperson said the company remains focused on employee safety and compliance with all applicable laws, declining to comment on future expansion plans.
ConocoPhillips, which previously operated in Venezuela but exited the country, said it is closely monitoring developments but that it would be premature to speculate about new investments. ExxonMobil did not immediately respond to requests for comment.
Trump has also claimed that Venezuela “stole” American oil, a view echoed by Vice President JD Vance, who accused the country of expropriating US-owned energy assets.
The situation, however, is legally complex. While US companies have long operated in Venezuela under licensing agreements, the country nationalised its oil industry in 1976 and expanded state control over foreign-operated assets in 2007 under President Hugo Chávez.
Following that move, a World Bank arbitration tribunal ordered Venezuela to pay $8.7bn in compensation to ConocoPhillips—a payment that has yet to be made.
BBC Verify has noted that while compensation disputes remain unresolved, experts say Venezuela never technically “stole” American oil, as the country retained ownership of its natural resources throughout.
