US 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.