President Donald Trump announced that U.S. oil companies could receive government reimbursements for the substantial costs of repairing Venezuela’s deteriorated infrastructure to boost crude production following the ouster of Nicolás Maduro.
“A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue,” Trump told NBC News.
Trump expressed confidence in a swift revival, estimating it could take fewer than 18 months.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump said, adding that “it’ll be a very substantial amount of money will be spent” by the companies. “But they’ll do very well. And the country will do well.”
Trump anticipates the effort will lower global oil prices, benefiting American consumers.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” he said, noting it is “going to reduce oil prices.”
Retail gas averaged $2.81 nationwide Monday, the lowest since March 2021, according to AAA. However, reduced oil prices could cut revenues for the same firms expected to fund billions in investments.
Energy Secretary Chris Wright, designated as the administration’s lead on the initiative, plans to meet executives from Chevron, ConocoPhillips, and ExxonMobil this week at the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami to explore expanding Venezuelan output, according to reports.
The discussions are vital for Trump’s goal of drawing major U.S. producers back to the country, which holds the world’s largest reserves but has seen daily production fall to about 1.1 million barrels from 3.5 million in 1999 due to underinvestment, sanctions, and a government takeover of the industry nearly two decades ago.
Analysts warn that achieving higher exports of Venezuela’s heavy crude, suited for specialized U.S. refineries, would demand years of effort and billions in funding amid infrastructure deficits, political instability, unclear legal structures, and shifting U.S. policies.
The White House asserted industry enthusiasm despite hurdles.
“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime,” White House spokesperson Taylor Rogers said, The Guardian reported.
Yet sources told Reuters that ExxonMobil, ConocoPhillips, and Chevron have not discussed Maduro’s removal or Venezuelan operations with the administration, countering Trump’s weekend claims of meetings with “all” U.S. oil firms before and after the action.
“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point,” one source said.
Trump clarified that no pre-operation briefings occurred.
“No. But we’ve been talking to the concept of, ‘what if we did it?’” Trump said, per The Guardian. “The oil companies were absolutely aware that we were thinking about doing something. But we didn’t tell them we were going to do it.”
He deemed it “too soon” to confirm personal talks with executives from the three majors. “I speak to everybody,” Trump said.
On Sunday, he claimed a strong interest: “They want to go in so badly.”
Industry caution stems from past nationalizations. Venezuela seized assets in the 1970s, including those of ExxonMobil and ConocoPhillips. In 2006 and 2007, under Hugo Chávez, further takeovers prompted Exxon and Conoco to exit, while Chevron remained under revised terms with a sanctions waiver.
Exxon CEO Darren Woods voiced reservations in November.
“We’ve been expropriated from Venezuela two different times,” he told Bloomberg News. “We’d have to see what the economics look like.”
Energy stocks rose on Monday, with the S&P 500 Energy Index reaching its highest level since March 2025. ExxonMobil rose 2.2%, and Chevron gained 5.1%.
