By Emmanuel Bobby
President Donald Trump said he believes U.S. oil companies could restore and expand operations in Venezuela in fewer than 18 months, though he acknowledged the effort would require massive financial investment.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump said in a Monday interview. He added that rebuilding Venezuela’s aging oil infrastructure would demand “a tremendous amount of money,” largely paid upfront by private oil companies.
According to Trump, those companies would either be reimbursed by the U.S. government or recover their investments through future revenue. How costs are ultimately repaid, he suggested, will be a central consideration for companies weighing whether to return to Venezuela.
Trump declined to put a dollar figure on the scope of the repairs and upgrades needed but stressed that spending would be substantial. “A very significant amount of money will be spent by the oil companies,” he said, predicting that both the companies and Venezuela would ultimately benefit.
Despite Trump’s confidence, major oil producers have shown caution about quickly investing in Venezuela. Decades of nationalization, ongoing U.S. sanctions, and renewed political instability have made companies wary of committing billions of dollars.
The president argued that bringing Venezuela’s oil production back online would help lower global oil prices, which he said would benefit the United States. Gas prices are already near multiyear lows, with the national average at $2.81 per gallon on Monday, according to AAA—the lowest level since March 2021.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” Trump said. However, analysts note that sustained lower oil prices could also reduce revenues for the same companies expected to finance Venezuela’s oil-sector revival.
When asked whether oil companies were briefed ahead of Saturday’s military operation that led to the capture of former Venezuelan leader Nicolás Maduro, Trump said they were not formally notified. He acknowledged, however, that companies were aware the administration had been considering action.
“The oil companies were absolutely aware that we were thinking about doing something,” Trump said. “But we didn’t tell them we were going to do it.”
Trump said it was “too soon” to say whether he has personally spoken with executives from Exxon Mobil, Chevron, or ConocoPhillips, adding, “I speak to everybody.”
ConocoPhillips declined to comment on potential plans in Venezuela, while Chevron said it does not discuss commercial matters or speculate on future investments. Exxon Mobil did not immediately respond to inquiries.
Reports indicate that Energy Secretary Chris Wright plans to meet this week with executives from Exxon and ConocoPhillips to discuss Venezuela’s oil industry. A White House official said Wright will serve as a key coordinator for the administration’s broader push to rebuild the country’s oil infrastructure.
Trump has repeatedly said U.S. oil companies are eager to return to Venezuela, nearly 20 years after the country nationalized billions of dollars in foreign-owned oil assets. “They want to go in so badly,” he told reporters over the weekend.
History, however, has made companies cautious. In the 1970s, Venezuela nationalized major energy assets, including those owned by Exxon Mobil and ConocoPhillips, and later rounds of nationalization in 2006 and 2007 further strained relations. Exxon and Conoco ultimately exited the country after failing to recover billions of dollars in seized assets.
Chevron accepted revised terms and remains in Venezuela under a limited waiver from U.S. sanctions, making it the only major U.S. oil company still operating there.
Exxon Mobil CEO Darren Woods has publicly expressed skepticism about re-entering the country. “We’ve been expropriated from Venezuela two different times,” he said in a November interview. “We’d have to see what the economics look like.”
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