WASHINGTON, D.C. — The Trump administration is weighing whether the U.S. government should reimburse major oil companies or allow them to recoup costs through future revenue as part of a broader effort to rebuild Venezuela’s deteriorated oil infrastructure following recent U.S. military action.
In an interview with NBC News, President Donald Trump said U.S. oil companies could have expanded operations in Venezuela “up and running” in fewer than 18 months, arguing that restoring production would help stabilize global oil markets and keep prices low. Trump said companies would spend billions repairing aging infrastructure and could be repaid either directly by the U.S. government or through future Venezuelan oil revenue.
The comments come as Energy Secretary Chris Wright prepares to meet with executives from Exxon Mobil and ConocoPhillips to discuss potential involvement in Venezuela’s energy sector. Chevron, which maintains a limited presence under a U.S. sanctions waiver, also remains a key player, though all major firms have expressed caution or declined to comment publicly.
Industry hesitation stems from Venezuela’s history of nationalizing foreign-owned assets, including seizures of Exxon Mobil and ConocoPhillips operations in the 2000s, as well as ongoing sanctions and political instability. Exxon CEO Darren Woods recently noted the company had been expropriated twice and would need to carefully assess any return.
Trump argued that tapping Venezuela’s vast oil reserves would benefit U.S. consumers, even as average gas prices remain near multiyear lows. He also said oil companies were not briefed in advance of the operation targeting Nicolás Maduro, though they were aware the administration was considering action.
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