Trump: "Venezuelan Oil Industry Can Be Restarted by U.S. Companies Within 18 Months"

Massive Spending Expected for Restart... Oil Companies to Bear the Costs
Restoring Oil Infrastructure Could Require Up to Hundreds of Billions of Dollars
Chevron Is the Only Company Still Operating in Venezuela

President Donald Trump predicted that it would take less than a year and a half for American oil companies to re-enter Venezuela and increase the country's oil production.

AP Yonhap News

In an interview with NBC on the 5th (local time), President Trump said that American oil companies could "bring Venezuela's oil infrastructure back online in less than 18 months," adding, "It could be done in an even shorter period, but it would cost a lot of money."

President Trump explained, "A massive amount of money will have to be spent, and oil companies will spend that money. Later, they will be reimbursed either by us or through (oil production) revenues."

Experts estimate that restoring Venezuela's devastated oil infrastructure would require tens of billions to hundreds of billions of dollars.

The 'Venezuela Reconstruction Project' proposed by President Trump centers on operating an interim government until a regime transition is achieved, while allowing American oil companies to enter the country to replace and expand the aging oil infrastructure and increase production.

President Trump emphasized that increasing oil production through American companies "will lower oil prices," and stated, "Having Venezuela as an oil-producing country is good for the United States because it helps keep oil prices low."

The three major American oil companies previously operated oil production facilities in Venezuela, but most withdrew following repeated asset seizures after a change in regime. Currently, Chevron is the only company continuing operations in Venezuela.

When asked whether these oil companies had prior knowledge of a potential U.S. military operation to oust President Nicolas Maduro, President Trump replied, "No," but added, "We have talked in terms of 'if we were to do that.'"

He continued, "The oil companies were certainly aware that we were considering doing something. However, we did not actually tell them that we would do it."