United States President Donald Trump has laid out a clear timeline for a significant expansion of American oil operations in Venezuela, suggesting major US firms could be active in the country within 18 months.
Trump's Timeline and Investment Plan
In a recent interview with NBC News, President Trump stated that American oil companies could have an expanded presence in Venezuela within 18 months and might even be operational sooner. He acknowledged the venture would require massive capital investment.
"I think we can do it in less time than that, but it’ll be a lot of money," Trump said. "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." He described the needed investment as a "very substantial amount of money" but expressed confidence that both the companies and Venezuela would benefit.
Context Following Military Operation
These comments came shortly after a US military operation on Saturday that captured Venezuelan leader Nicolas Maduro. Trump clarified that the American presence would be focused on the oil sector. He noted that before tapping into Venezuela's rich oil reserves, companies would first need to undertake a major rebuild of the nation's crumbling energy infrastructure.
Currently, Chevron is the only major US oil company operating in Venezuela. Other giants like ConocoPhillips and Exxon Mobil left the country nearly two decades ago after the late President Hugo Chávez nationalized their assets.
Meetings and Potential Impact
President Trump also revealed that American oil companies were aware the administration had been considering a military operation but were not given advance notice of the specific action. Looking ahead, Energy Secretary Chris Wright is scheduled to meet with executives from Exxon and ConocoPhillips later this week to discuss Venezuelan oil opportunities.
Secretary Wright is leading the administration's efforts to rebuild Venezuela's oil infrastructure. Trump added that successful expanded drilling in Venezuela could contribute to reducing global oil prices, a move with potential implications for energy markets worldwide, including Nigeria.
