Trump tells NBC US he could reimburse companies for their oil efforts in Venezuela

Trump said Monday that the plan to allow U.S. oil companies to expand their operations in the country could be “up and running” in less than 18 months. with NBC News – a timetable completely at odds with the estimates of energy sector experts, while oil companies have remained largely silent about their desire to reinvest in Venezuela.

“I think we can do it in less time than that, but it will cost a lot of money,” Trump told NBC. “A lot of money will have to be spent and the oil companies will spend it, and then they will be reimbursed by us or through revenue.”

These comments underscore the administration’s view that Venezuela’s vast oil reserves are critical to both its recovery and U.S. strategic interests. Yet Trump offered few details on how production would be restored or who would control revenues in the meantime.

He was asked if he had spoken to leaders of Exxon Mobile Corp., Chevron Corp. And ConocoPhillipsTrump said it was “too early” to reveal whether he had had conversations, adding: “I talk to everyone.”

U.S. Energy Secretary Chris Wright plans to speak with oil industry executives this week, according to people familiar with the matter. Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities conference in Miami this week, which is expected to be attended by executives from Chevron, ConocoPhillips and other companies.

Earlier: Trump energy boss to meet with oil companies on Venezuela

Years of corruption, underinvestment, fires and theft have left Venezuela’s rudimentary facilities in tatters. Major oil companies said little As for their desire to resume operations there, energy experts say reviving Venezuela’s oil industry could take a decade and cost more than $100 billion. Chevron is the only oil supermajor still operating in Venezuela.

Trump did not specify how much he thought an effort to rebuild and expand Venezuela’s oil infrastructure might cost, according to NBC News, saying only that “it would be a very significant amount of money that would be spent.”

The US president also said he anticipated that increased energy flows from Venezuela would help “reduce oil prices.”

“Having an oil-producing Venezuela is good for the United States because it keeps the price of oil low,” Trump said.

The president has sought to convince voters ahead of this year’s crucial midterm elections that his administration is working to address pocketbook problems, even though concerns about affordability have largely focused on the costs of groceries and housing.

Earlier: Trump’s Venezuela oil stimulus plan is a $100 billion gamble

Trump’s remarks come as he faces skepticism over his bold military intervention in Venezuela, which resulted in Maduro’s capture.

The US president said the raid was necessary to apprehend a man accused by US authorities of running a drug trafficking operation and to retake oil assets. Opponents said the United States may have broken international law, while warning that Trump did not have congressional or public approval for the United States to embark on a nation-building project.

Maduro, a rebel, was arraigned in New York on Monday and pleaded not guilty to drug and weapons charges, saying he was an “innocent” and “honest man.”

Learn more: Trump’s ouster of Maduro shows his new world order is here

The US president said on Monday that Delcy Rodriguez, who served as Maduro’s vice president and was sworn in as interim president after his impeachment, had cooperated with his administration and downplayed the prospect of quick elections in the country.

“We have to fix the country first. You can’t have an election. People can’t even vote,” Trump said, according to NBC, when asked about a vote next month.

“No, it’s going to take a while. We have to get the country healthy again,” Trump said.