Wednesday, January 7, 2026 - President Donald Trump has stated that American oil companies could have an expanded presence in Venezuela within 18 months and might even be “up and running” sooner.
“I think we can do it in less time than that, but it’ll be a
lot of money,” Trump told NBC News. “A tremendous amount of money will have to
be spent, and the oil companies will spend it, then they’ll get reimbursed by
us or through revenue.”
The comments came shortly after a US military operation
Saturday that captured Venezuelan leader Nicolas Maduro. Trump said Americans
would have a presence in the country “as it pertains to oil,” but noted that
companies would first need to rebuild Venezuela’s crumbling infrastructure
before tapping its rich oil reserves.
Currently, Chevron is the only major US oil company operating
in Venezuela. ConocoPhillips and Exxon Mobil left nearly 20 years ago after
their assets were nationalized under Hugo Chávez
“It’ll be a very substantial amount of money,” Trump said of
the investments needed. “But they’ll do very well. And the country will do
well.” He added that expanded drilling in Venezuela could help reduce oil
prices
Trump also acknowledged that American oil companies were
aware the administration had been considering a military operation but said
they were not informed in advance.
Energy Secretary Chris Wright is scheduled to meet with
executives from Exxon and ConocoPhillips later this week to discuss Venezuelan
oil, NBC News reported. Wright is leading the administration’s efforts to
rebuild Venezuela’s oil infrastructure.
0 Comments