> At a Glance
> – President Trump says U.S. firms could restart Venezuela oil output within 18 months
> – Oil companies would front “tremendous” rebuild costs, then seek U.S. repayment or revenue share
> – No advance brief to Exxon, Chevron, ConocoPhillips before Saturday’s arrest of Nicolás Maduro
> – Why it matters: A revived Venezuelan supply could lower global oil prices-and U.S. gasoline costs
President Trump told NBC News he believes American energy companies can resurrect Venezuela’s oil fields in under 18 months, just days after ordering the capture of President Nicolás Maduro and promising U.S. oversight of the country’s crude reserves.
The Rebuild Price Tag
Trump said companies will shoulder the upfront expense to repair aging infrastructure but expects Washington to reimburse them or let future revenue cover the bill.
> “A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they’ll get reimbursed by us, or through revenue,” Trump said.
He declined to name a dollar figure, calling it a “very substantial amount,” but predicted both industry and Venezuela would profit.
Industry Caution
Despite presidential optimism, major U.S. producers remain wary:
- History of asset seizures in the 1970s and again in 2006-07
- Current U.S. sanctions on Venezuelan crude
- New political instability after Maduro’s arrest
Chevron-already operating under a sanctions waiver-declined “to speculate on future investments,” while Exxon and Conoco offered no commitment.
What Happens Next
Energy Secretary Chris Wright will meet Exxon and ConocoPhillips executives this week to discuss Venezuela’s oil infrastructure, according to Bloomberg sources, positioning him as the administration’s point person on the effort.
| Company | Status in Venezuela | Comment to NBC |
|---|---|---|
| Chevron | Active (waiver) | No speculation |
| ExxonMobil | Exited 2007 | No response |
| ConocoPhillips | Exited 2007 | Declined |
Pump prices already sit at $2.81 a gallon, AAA’s lowest since March 2021. Trump argues more Venezuelan barrels will keep that trend alive even as companies weigh the risk of another expropriation.
Key Takeaways
- Trump timeline: under 18 months to restore output
- Payment model: companies pay now, seek U.S. repayment or revenue later
- No pre-operation brief to oil majors
- Industry memory of seized assets tempers enthusiasm
- Administration claims producers “want to go in so badly”
With global crude markets watching, Washington must now convince skeptical oil executives that Venezuela’s reserves are worth the gamble.
