US President Donald Trump has said American oil companies could resume large-scale 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 rebuilding Venezuela’s oil sector would require massive investment, largely funded by US energy firms. He added that these companies would later be compensated either by the US government or through oil revenues generated in the country.
According to CBS News, executives from major US 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 restoring Venezuela’s oil production would likely take far longer and cost significantly more. Some estimates suggest tens of billions of dollars would be needed, with meaningful output increases taking close to a decade.
Trump’s comments follow his recent claim that the United States would effectively “run” Venezuela after Maduro’s removal. The former Venezuelan leader has since been transferred to the US, where he is facing criminal charges.
Despite expert scepticism, Trump insisted oil production could be revived quickly, saying it might even happen sooner than his 18-month estimate, though he acknowledged the financial burden would be substantial.
He has repeatedly argued that expanding oil production in Venezuela would benefit the US by helping stabilise global oil prices. “An oil-producing Venezuela keeps energy costs lower for Americans,” Trump said.
Industry Caution and Technical Challenges
Energy experts have questioned whether Trump’s plan would have a meaningful short-term impact on global oil supply. They note that companies are unlikely to commit major investments without guarantees of long-term political stability in Venezuela, and that most large-scale projects would take years before delivering results.
Venezuela holds an estimated 303 billion barrels of proven oil reserves — the largest in the world — but production has steadily declined since the early 2000s due to underinvestment, mismanagement and sanctions.
Reviving output would also pose technical challenges. Venezuelan crude is heavy and costly to refine, making production less attractive to foreign companies. Currently, Chevron is the only major US oil firm still operating in the country.
Asked about Trump’s remarks, Chevron spokesman Bill Turenne said the company’s priority remains the safety of its employees and the protection of its assets. He added that Chevron continues to operate in compliance with all applicable laws.
ConocoPhillips, which no longer operates in Venezuela, said it is closely monitoring developments but declined to speculate about future investments. Exxon Mobil did not immediately respond to requests for comment.
Disputed Claims Over ‘Stolen’ Oil
While defending the military operation that led to Maduro’s arrest, Trump claimed Venezuela had “seized and stolen American oil.” Vice President JD Vance echoed this claim on social media, accusing Venezuela of expropriating US oil assets and using the proceeds to fund criminal activity.
Experts say the situation is more nuanced. US oil companies have operated in Venezuela for decades under licensing agreements. The country nationalised its oil industry in 1976, and in 2007, then-President Hugo Chávez increased state control over remaining foreign-owned operations.
A World Bank arbitration tribunal ruled in 2019 that Venezuela must pay ConocoPhillips $8.7bn in compensation for losses related to the 2007 nationalisation. That payment has not yet been made.
BBC Verify correspondent Ben Chu said claims that Venezuela “stole” American oil oversimplify the issue, noting that Venezuela has always retained legal ownership of its oil resources, even when foreign companies were involved in extraction.
As political uncertainty continues, questions remain over who will govern Venezuela next — and whether Trump’s ambitious timeline for restarting oil production is realistic.
