President Donald Trump said U.S. oil companies will spend billions of dollars to rebuild Venezuela’s crumbling energy infrastructure after a military operation that led to the capture of Nicolas Maduro, the country’s former leader.

During a press conference Saturday at his Mar-a-Lago estate in Florida, Trump described an ambitious vision to use U.S. financial resources and industry know-how to restore the South American nation’s oil sector to its former glory.

“We’re going to have our very large United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure — the oil infrastructure — and start making money for the country,” Trump said. “They will be reimbursed.”

That kind of oil industry reconstruction would almost be without precedent, and Trump left many crucial questions unanswered. He didn’t commit to sending U.S. troops to aid in a transition, saying only that his government would help ensure oil infrastructure was protected and improved.

It’s unclear how willing oil giants like Exxon Mobil Corp., Chevron Corp., ConocoPhillips and others are to pour substantial sums of money into a country run by a temporary U.S.-backed government without established legal and fiscal rules. Exxon and ConocoPhillips didn’t respond to requests for comment Saturday. Chevron continues to operate in Venezuela under a special license from the U.S., it said in a statement.

Analysts and traders say it could easily take years for critical infrastructure to be fully repaired and for oil to freely flow out of Venezuela, which currently accounts for less than 1% of global supplies even though it has the world’s largest reserves.

Venezuela offers abundant below-ground oil potential, but it comes with substantial above-ground risks that haven’t disappeared following the U.S. apprehension of Maduro, said an industry representative who asked for anonymity to speak candidly about the matter.

Low oil prices are another deterrent, especially given the level of investment that could be required. Some of the concerns have been communicated to Trump administration officials, the person said.

Trump’s plan for Venezuela is in line with his expansive vision of U.S. energy dominance — with American companies not only driving record oil and gas production domestically but exerting their influence globally.

The president has repeatedly said he prizes low oil and gasoline prices, as he seeks to tame inflation and address cost-of-living concerns that are set to be a factor in November’s midterm elections. Oil prices ended 2025 with the steepest annual loss since 2020 and the global benchmark has slumped toward $60 a barrel.

Trump said the U.S. will work with Venezuelan Vice President Delcy Rodríguez to transition to a democratically elected government after Maduro’s capture, but she and other regime leaders have thus far appeared uncooperative.

If Rodríguez is a willing partner, she could help the U.S. ease a transition by maintaining stability with the current institutions in Venezuela.

Still, the amount of rebuilding that would need to be done is extensive. “Just stabilizing existing production will require low single-digit billions of dollars for workovers, power, water handling and export infrastructure repairs,” said Bob McNally, president of Rapidan Energy Group.

Big oil

Chevron is in pole position to help unlock more Venezuelan oil production as it already produces about 20% of the country’s oil, having operated under a sanctions waiver from the U.S. government for most of the last decade.

Exxon and ConocoPhillips also have experience operating in Venezuela but quit the country after their assets were nationalized by Maduro’s predecessor, Hugo Chavez, in the mid-2000s. Exxon has previously said it would look at investing in Venezuela but only under the right conditions.

“We’d have to see what the economics look like,” Exxon CEO Darren Woods said in November. “So I wouldn’t put it on the list or take it off the list.”

Strong economics and higher oil prices over the coming years could also entice other companies that are on the sidelines to reconsider operations in Venezuela, if they can see signs of stability and are offered concessions, analysts said.

Nearly every major oil company has been beguiled by the underground riches of........

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