The U.S. oil industry could get new operations in Venezuela “up and running” in less than 18 months in the wake of leader Nicolás Maduro’s capture, U.S. President Donald Trump said Monday.
“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 interview. “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.”
Venezuela’s oil sector holds the world’s largest proven reserves at over 300 billion barrels, nearly one-fifth of the global total. Production has fallen, however—the result of years of mismanagement under Maduro and his predecessor, Hugo Chávez. This has been worsened by underinvestment, U.S. sanctions, and aging infrastructure with poor maintenance….
Trump Optimistic on Bringing Back Venezuela Oil Operations in Under 18 Months
