Washington — President Donald Trump stated on Monday, January 5, 2026, that American oil companies could establish an expanded presence in Venezuela within 18 months, potentially getting "up and running" even sooner, as part of efforts to revive the country's vast but deteriorated oil sector following the U.S. military operation that captured former President Nicolás Maduro.
"I think we can do it in less time than that, but it’ll be a lot of money," Trump told NBC News in an exclusive interview. "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 emphasized that increased drilling could help lower global oil prices and benefit both the companies and Venezuela.
The president's comments highlight a key economic dimension to the controversial U.S. intervention, dubbed "Operation Absolute Resolve," which occurred early on January 3 and resulted in Maduro and his wife, Cilia Flores, being flown to New York to face federal drug trafficking and narco-terrorism charges. Maduro pleaded not guilty on January 5, calling the action a "kidnapping."
Currently, Chevron is the only major U.S. oil company with operations in Venezuela, producing around a quarter of the country's output under limited licenses. Exxon Mobil and ConocoPhillips exited nearly two decades ago after their assets were nationalized in 2007 under then-President Hugo Chávez, leading to ongoing arbitration claims, including an $8.7 billion award to ConocoPhillips.
Trump acknowledged the challenges, noting that companies would need to first rebuild Venezuela's crumbling infrastructure—decades of underinvestment have left production at about 1 million barrels per day, down from peaks of nearly 4 million. Industry analysts estimate that restoring even modest growth could require tens of billions in investment. Rystad Energy projects $53 billion over 15 years just to maintain current levels, with $8-9 billion annually needed for increases beyond 1.4 million barrels per day.
Despite the hurdles, Trump expressed optimism: "It’ll be a very substantial amount of money. But they’ll do very well. And the country will do well." He clarified that oil companies were aware of contingency discussions but not briefed on the specific operation: "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."
Energy Secretary Chris Wright is leading administration outreach, with plans to meet executives from Exxon Mobil, ConocoPhillips, and Chevron this week, including at the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami. Sources indicate these discussions aim to gauge interest in rebuilding infrastructure and expanding production.
Oil companies have responded cautiously. Chevron stated it does not comment on commercial matters or speculate on future investments. ConocoPhillips said it is monitoring developments but that speculation on future activities is premature, while continuing efforts to collect compensation for past seizures. Exxon Mobil did not respond to inquiries.
Trump's vision aligns with broader goals of boosting U.S. energy dominance and displacing influence from China and Russia in Venezuela's oil sector. Increased Venezuelan heavy crude—suited to U.S. Gulf Coast refineries—could impact global markets, potentially easing prices amid current lows.
The push comes amid international criticism of the U.S. action and domestic uncertainty in Venezuela, where interim President Delcy Rodríguez has signaled possible cooperation while condemning the raid. Opposition leader María Corina Machado has praised the intervention but criticized engagement with regime holdovers.
Analysts warn of risks, including political instability, legal uncertainties, and antitrust concerns limiting coordinated industry responses. Reviving the sector to 1970s levels could require $10 billion annually over a decade, per experts like Francisco Monaldi at Rice University’s Baker Institute.
As Maduro's trial looms and Venezuela navigates transition, Trump's oil ambitions underscore the high-stakes intersection of geopolitics, energy, and economics in this unfolding crisis.
