President Donald Trump has promised a U.S. return to Venezuela’s oil industry following the stunning pre-dawn capture of Venezuelan President Nicolás Maduro, accusing the country’s socialist government of seizing U.S. energy assets and dismantling an industry built with U.S. investment.
“We built Venezuela’s oil industry with American talent, drive and skill, and the socialist regime stole it from us,” Trump said during a news conference at Mar-a-Lago in Palm Beach, Florida.
“Venezuela unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars,” he added. “They took all our belongings.”
FOLLOW LIVE COVERAGE FROM FOX NEWS IN VENEZUELA
President Donald Trump said U.S. energy companies would return to Venezuela to rebuild the country’s oil industry. (Jim Watson/AFP/Getty Images / Getty Images)
Trump said U.S. energy companies could play a central role in rebuilding the country’s oil sector.
“We’re going to let our very large American oil companies step in, spend billions of dollars, repair the badly damaged oil infrastructure and start making money for the country,” he said.
Once home to major U.S. energy investments, Venezuela has systematically driven out Western oil companies as part of a nationalization drive launched by Maduro’s predecessor, Hugo Chávez. Although Maduro claims to have been re-elected to a six-year term in 2024, the United States and other international observers say his loyalists stole the election from Edmundo González.
Chevron was among the few energy titans who negotiated to stay, agreeing to operate as a minority partner in joint ventures run by state-owned oil company Petróleos de Venezuela, SA (PDVSA), rather than leave the country altogether.
Today, the only American oil company remaining active in VenezuelaChevron finds itself navigating a high-tension space between Washington’s takeover of Caracas and the world’s largest oil reserves.
VENEZUELA HOLDS THE LARGEST OIL RESERVES IN THE WORLD. HERE’S HOW OTHERS COMPARE
“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” a Chevron spokesperson told Fox News Digital.
The company declined to comment on the broader security environment, saying only: “We continue to operate in full compliance with all relevant laws and regulations.”
Chevron said in a statement to Fox News Digital that its operations in Venezuela continue without interruption. (Brandon Bell/Getty Images/Getty Images)
Chevron has had a presence in Venezuela for about a century, but its ability to produce and export oil has been shaped in recent years by U.S. sanctions and time-limited Treasury licenses that strictly limit its operations.
About twice the size of California, Venezuela holds the the largest proven oil reserves in the world. At around 300 billion barrels – about 20% of the world’s total and nearly four times America’s reserves – this endowment dwarfs that of any other country.
Yet its crisis-ridden economy and ongoing political instability have severely limited its ability to convert these reserves into sustainable production, a dynamic also seen in countries like Iran and Libya, where unrest, sanctions, and deteriorating infrastructure limit production despite enormous resource wealth.
CLICK HERE TO GET FOX BUSINESS ON THE GO
An oil pumping facility and Venezuelan President Nicolás Maduro. (Reuters; AP)
Asked by Fox News’ Lucas Tomlinson at Mar-a-Lago about interest in Venezuelan oil from countries like Iran, Russia and China, Trump said the United States would sell Venezuelan crude to a number of countries.
As the United States considers next steps, Venezuela’s oil reserves remain both a reward and a paradox – immense in their scale, but hamstrung by years of underinvestment, deteriorating infrastructure and political risks that would require billions of dollars and lasting stability to overcome.
