Trump says US oil companies could be ‘up and running’ in Venezuela within 18 months

President Donald Trump said the US oil industry could be “up and running” with increased operations in Venezuela within 18 months, after a surprise military operation toppled President Nicolas Maduro from power.

Trump told NBC News that “a huge amount of money will have to be spent, and the oil companies will spend it, and the oil companies will spend it, and then it will be paid back by us or through revenue.”

Representatives of major US oil companies plan to meet with the Trump administration later this week, BBC partner CBS News reported.

Analysts previously told the BBC it would take tens of billions of dollars, and potentially a decade, to restore Venezuela’s former production.

Trump’s remarks come days after he said the US would “run” Venezuela following the ouster of Maduro – who has now been brought to the US to face criminal charges.

Speaking to NBC about his 18-month deadline, Trump speculated that oil production could increase “in less time than that, but it would cost a lot of money.”

He has been explicit about his ambitions for US oil companies to step up their operations in the country.

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

Analysts who previously spoke to the BBC were skeptical that Trump’s plans would have a major impact on the global supply – and therefore the price – of oil. They suggested that businesses would seek assurance that a stable government was in place and that even when they did invest, their projects would not yield results for years.

Trump has claimed in recent days that U.S. oil companies can repair Venezuela’s oil infrastructure.

The country has around 303 million barrels, the largest proven reserves in the world. But it only produces a fraction, and its production has been in decline since the early 2000s.

The Trump administration sees significant potential in Venezuela’s reserves for its own energy prospects.

Increasing the country’s oil production would be costly for American companies. Additionally, Venezuelan oil is heavy and more difficult to refine. Only one American company, Chevron, is currently present in the country.

Asked about Trump’s plans for U.S. oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and well-being of our employees, as well as the integrity of our assets.”

“We continue to operate in full compliance with all applicable laws and regulations,” Turenne added.

The other major U.S. energy companies, Exxon and ConocoPhillips, did not immediately respond to requests for comment.

While justifying Maduro’s capture in Caracas, Trump also claimed that Venezuela “unilaterally seized and stole American oil.”

Vice President JD Vance echoed these claims on

The reality is more complex.

U.S. oil companies have a long history in Venezuela, where they extract oil under licensing agreements.

Venezuela nationalized its oil industry in 1976, and in 2007 President Hugo Chavez exercised increased control over the remaining foreign assets of American oil companies operating in the country.

In 2019, a World Bank tribunal ordered Venezuela to pay $8.7 billion to ConocoPhillips in compensation for that 2007 ruling.

This sum has not been paid by Venezuela, so at least one American oil company has unpaid compensation owed to it.

But BBC Verify’s Ben Chu said the claim that Venezuela “stole” US oil was too simplistic, as experts said the oil itself had never belonged to anyone except Venezuela.