President Donald Trump said the United States may subsidize energy companies’ efforts to rebuild Venezuela’s oil industry, as his administration tries to persuade companies to invest in the country days after ousting strongman Nicolás Maduro.
Trump said in an interview on Monday that a project to allow U.S. oil industry companies to expand operations in the country could be “up and running” in less than 18 months NBC News — This time frame is completely inconsistent with estimates from energy industry experts, and oil companies have been largely silent on their willingness to reinvest in Venezuela.
“I think we can do it in a shorter period of time, but it’s going to take a lot of money,” Trump told NBC. “A lot of money is going to have to be spent, and the oil companies are going to spend that money and then they’re going to be compensated by us or through revenue.”
The comments underscore the administration’s view that Venezuela’s vast oil reserves are critical to its recovery and U.S. strategic interests. However, Trump did not provide specific details on how production would be restored or who would control revenue in the meantime.
When asked if he had spoken to senior executives at the company Exxon Mobil company, Chevron company and ConocoPhillipsTrump said it was “too early to say” whether he had had any conversations, adding: “I talk to everybody.”
U.S. Energy Secretary Chris Wright plans to hold talks with oil industry executives this week, according to people familiar with the matter. Wright will attend the Goldman Sachs Energy, Clean Technology and Utilities Conference in Miami this week, along with executives from Chevron, ConocoPhillips and other companies.
Earlier: Trump’s energy boss to meet with oil companies over Venezuela
Years of corruption, underinvestment, fires and theft have left Venezuela’s crude oil facilities in tatters. Big oil companies say small Energy experts say reviving Venezuela’s oil industry could take up to a decade and cost as much as $100 billion. Chevron is the only oil major still operating in Venezuela.
Trump did not elaborate on how much he thought it might cost to rebuild and expand Venezuela’s oil infrastructure, saying only that “it’s going to cost a very large amount of money,” NBC News reported.
The U.S. president also said he expected increased energy flows from Venezuela to help “lower oil prices.”
“Venezuela becoming an oil producer is good for the United States because it drives down the price of oil,” Trump said.
The president is trying to reassure voters ahead of this year’s crucial midterm elections that his administration is working to address pocketbook concerns, even as affordability concerns focus on groceries and housing costs.
Earlier: Trump’s Venezuela oil revival plan is a $100 billion gamble
Trump’s comments come as he faces questions over his bold military intervention in Venezuela that led to Maduro’s arrest.
The US president said the raid was necessary to arrest a man accused of drug trafficking by US authorities and seize oil assets. Opponents said the U.S. may be violating international law, while warning that Trump did not have congressional or public approval to support U.S. nation-building projects.
A defiant Maduro was arraigned in New York on Monday and pleaded not guilty to drug and weapons charges, calling him an “innocent” and “decent man.”
Read more: Trump’s expulsion of Maduro shows his new world order has arrived
The U.S. president said on Monday that Delcy Rodriguez, who served as Maduro’s vice president and was sworn in as acting president after his ouster, has been cooperating with his government and played down the prospect of quick elections in the country.
According to NBC, when asked about voting within the next month, Trump said: “We have to solve this national problem first. You can’t have an election. People simply can’t vote.”
“No, it’s going to take a while. We’ve got to get this country healthy,” Trump said.