Trump "Venezuelan oil industry, U.S. companies will restart within a year and a half"

"Oil companies knew we were going to do something," he claimed

U.S. President Donald Trump predicted that U.S. oil companies would re-enter Venezuela after President Nicolás Maduro is ousted and that it would take less than a year and a half to increase Venezuela's oil production.

In a phone interview with an NBC host on the 5th (local time), President Trump said U.S. oil companies "could bring Venezuela's oil infrastructure back into operational status" in a period shorter than 18 months, adding, "they could do it in a shorter time, but it would cost a lot of money."

According to NBC, President Trump said, "A massive amount of money will have to be spent, and oil companies will spend that money and later be reimbursed by us or through (oil production) revenues." Foreign media reported experts' forecasts that restoring Venezuela's devastated oil infrastructure would require billions to tens of billions of dollars.

U.S. oil companies entering Venezuela to replace and expand aging oil infrastructure and increase production is a major pillar of the 'Venezuela reconstruction project.' On the 3rd, President Trump presented the Venezuela reconstruction project alongside interim government operations until a suitable transfer of power is made.

President Trump emphasized that increased oil production via U.S. companies "would lower oil prices," saying, "Having Venezuela as an oil-producing country is good for the U.S. because it can help keep oil prices low."

The three major U.S. oil majors—ExxonMobil, Chevron, and ConocoPhillips—had previously invested capital in Venezuela to secure oil production facilities, but their assets were seized multiple times after a leftist government took power. Currently, all companies except Chevron have withdrawn from Venezuela.

U.S. Energy Secretary Chris Wright was reported to be scheduled to meet this week in Miami with executives of major oil companies. Given the timing, it is highly likely that discussions will center on investment to rebuild Venezuela's oil infrastructure, as outlined by President Trump.

When asked whether these oil companies had prior knowledge of the U.S. military operation that ousted President Maduro, Trump replied, "No," but added, "They had talked in terms of the concept of 'if we did that.'"

He said, "Oil companies certainly knew we were going to do something," but "we did not actually tell them we would do it."

Additionally, when asked whether an election to select a new president for the vacancy created by Maduro's ouster could be held within the legal deadline of 30 days, President Trump responded, "No. It will take time," adding, "We have to make that country healthy again."

He went on to describe the arrest and transfer of President Maduro as a "historic moment," saying, "We must first fix the country (Venezuela). We cannot hold elections. The people are not even in a position to vote."

Subin Park, Hankyung.com reporter waterbean@hankyung.com