In an interview on 5/1 with NBC News, President Trump stated that the US oil industry could expand its operations into Venezuela within the next 18 months. "I think we can do this in a shorter period, but it will cost a lot of money," the US president said. He revealed that after spending a substantial amount, "oil companies could be reimbursed by the government, or through future revenue."
At a press conference at his Mar-a-Lago residence on 3/1, President Trump announced that the US would bring the world's largest oil and gas corporations to invest billions of USD in Venezuela. According to the US president, these companies would rebuild the dilapidated crude oil extraction infrastructure in the South American nation.
However, whether the US government agrees to reimburse costs for oil operations in Venezuela, or if future revenue is sufficient to offset expenses, will likely be a key factor for businesses considering this option.
President Trump declined to estimate how much companies would need to spend to repair and upgrade the South American nation's degraded oil infrastructure. "Oil companies will spend a very large sum of money. But when they do well, the country will also benefit," he added.
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US president Donald Trump at Mar-a-Lago, Palm Beach, Florida on 22/12/2025. Photo: AFP |
Despite President Trump's optimism, oil companies remain cautious about returning, expanding operations, or investing in Venezuela. The nation has previously nationalized corporate assets, is still under US sanctions, and faces political instability.
President Trump believes exploiting Venezuela's oil reserves "helps lower oil prices." This could lead to cheaper gasoline, but company revenues would decrease. Meanwhile, the US president expects these companies to invest billions of USD to rebuild Venezuela's oil industry.
When asked if the administration would pre-notify oil companies about a military campaign in Venezuela, President Trump replied, "No. But we have mentioned 'What if we do that?'" He also stated that "it's too early" to disclose whether he had directly spoken with the leaders of the three largest US oil producers: Exxon Mobil, Chevron, and ConocoPhillips.
Reuters, citing a source familiar with the matter, reported that the Trump administration is expected to meet with leaders of US oil companies this week to discuss increasing production in Venezuela. This is an important meeting for US efforts to boost production and exports in the nation with the world's largest oil reserves.
Ha Thu (according to NBC News)
