President Trump suggested that the US government could reimburse American oil companies if they invest billions in resuscitating Venezuela’s energy industry.
Trump told NBC News that he thinks American firms could get Venezuela’s oil fields “up and running” within 18 months.
“I think we can do it in less time than that, but it’ll be a lot of money,” the president told NBC News on Monday.
“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,” he said.
Trump did not specify how much money he thinks US energy companies would need to invest in Venezuela.
“It’ll be a very substantial amount of money will be spent” by the oil companies, Trump said. “But they’ll do very well.”
“And the country will do well,” he added.
When asked if he spoke to any oil executives before approving the capture of deposed Venezuelan leader Nicolás Maduro this past week, Trump said: “No. But we’ve been talking to the concept of, ‘what if we did it?’”
“The oil companies were absolutely aware that we were thinking about doing something,” Trump said. “But we didn’t tell them we were going to do it.”
When asked if he spoke to executives from the three largest US oil producers — Exxon Mobil, Chevron and ConocoPhillips — the president said it was “too soon” to say.
“I speak to everybody,” he said.
Chevron, the only major US oil business operating in Venezuela prior to the raid, has called employees back to the South American country as it tries to start normal operations back up, Reuters reported.
“Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets,” a spokesperson said in a statement. “We continue to operate in full compliance with all relevant laws and regulations.”
A ConocoPhillips spokesman told The Post on Tuesday that the company “is monitoring developments in Venezuela and their potential implications for global energy supply and stability.”
“It would be premature to speculate on any future business activities or investments,” the spokesperson added.
The Post has sought comment from Exxon Mobil.
US oil stocks jumped sharply after Maduro’s capture, with investors betting that Venezuela’s vast oil reserves could be reopened to American companies.
Shares of Chevron surged more than 5% when markets opened Monday, while Exxon Mobil and ConocoPhillips rose about 2% to 3% as traders priced in the possibility of expanded access to the sanctioned oil giant.
US oil companies dominated Venezuela’s petroleum industry for much of the 20th century, building and operating the fields that turned the country into a global energy powerhouse.
Firms tied to Exxon and other American giants produced millions of barrels a day until 1976, when Venezuela nationalized the industry and created the state oil company PDVSA, forcing US companies out after decades of profits.
American firms returned in the 1990s during a brief reopening that invited foreign investment to develop Venezuela’s heavy crude.
That détente collapsed under former President Hugo Chávez, who in 2007 demanded majority state control of all projects.
ExxonMobil and ConocoPhillips refused and saw their assets expropriated, triggering years of international arbitration and multibillion-dollar awards that Venezuela has largely failed to pay.
Chevron took a different path, accepting the new terms and maintaining a continuous presence through joint ventures with PDVSA.
