Trump pledges major U.S. oil investment in Venezuela following Maduro’s ouster

Palm Beach, Fla., Jan. 3, 2026 — President Donald Trump said Saturday that American energy companies intend to spend “billions of dollars” reviving Venezuela’s oil industry after the capture of President Nicolás Maduro, outlining a provisional U.S. role in running the South American nation until a new government is installed.

Speaking from his Mar-a-Lago residence alongside Secretary of Defense Pete Hegseth, Trump described a plan in which large U.S. producers would repair and modernize Venezuela’s deteriorated oil infrastructure. The announcement came hours after U.S. forces detained Maduro and his wife, Cilia Flores, in an overnight military operation that followed months of troop deployments in the Caribbean.

“We are 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,” Trump said. He added that the firms would finance the work directly and later be reimbursed, though he did not specify the payment mechanism or the timeline.

Trump stated that Washington will “run the country” temporarily “with a group” until “a safe, proper and judicious transition” can take place. No further details were provided on the composition of this governing body or on forthcoming political steps inside Venezuela.

Venezuela’s vast reserves and declining output

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries and holds the world’s largest proven crude reserves. Despite that resource base, years of mismanagement, sanctions and underinvestment have pushed production far below historic levels. Data from energy analytics firm Kpler show that national output currently hovers around 800,000 barrels per day, compared with a peak of roughly 3.5 million barrels per day in the late 1990s.

Chevron, the last major U.S. operator with in-country assets, exported about 140,000 barrels per day from Venezuela during the fourth quarter of 2025, according to Kpler. In a statement, the company said it “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets,” and continues to comply with all applicable laws and regulations. Exxon Mobil was asked for comment but had not responded by press time.

Military action and legal backdrop

The U.S. operation that led to Maduro’s arrest follows years of escalating pressure on the Venezuelan leader, who faces drug-trafficking indictments in the Southern District of New York. Trump did not disclose casualty figures or operational details from the overnight strike, saying only that the mission achieved its objective and was conducted with “precision.”

Maduro’s government had remained defiant despite international sanctions and an American oil embargo first tightened in 2019 and reaffirmed Saturday by Trump. The president said that embargo “remains in full effect” even as U.S. firms prepare to enter the market, suggesting that any commercial activity will operate under special licenses or transitional arrangements yet to be issued.

Financing reconstruction

Under the framework outlined by Trump, private capital from oil majors would cover the cost of rehabilitating pipelines, refineries and production facilities that analysts say have suffered from chronic underfunding and a shortage of spare parts. “They will be reimbursed for what they’re doing,” Trump told reporters. He forecast that once repairs are complete, Venezuela will “be selling large amounts of oil to other countries,” expanding beyond its current customer base.

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Industry observers note that companies from China and Russia have an existing footprint in Venezuela’s oil fields. In November, the Maduro administration granted a 15-year extension to joint ventures involving Russian-linked firms. How those agreements will be treated under U.S. oversight remains unclear.

Historical context and current capacity

Venezuela nationalized its oil sector in 1976, creating state-owned Petróleos de Venezuela S.A. (PDVSA) and seizing assets from international majors. PDVSA’s upstream and downstream capabilities steadily eroded over the past two decades, hindered by budget shortfalls, an exodus of skilled labor and sanctions that limited access to equipment and financing.

For comparison, U.S. crude production averaged 13.8 million barrels per day during the week of Dec. 26, according to preliminary government figures, underscoring the gap between the two countries’ current output levels. Analysts say bringing Venezuela’s production back above 1 million barrels per day will require significant capital, operational expertise and stable political conditions.

Next steps

The White House has not announced a timeline for elections or a detailed plan for governance during the interim period. Trump emphasized that restoring oil flows is a priority and framed the initiative as an economic opportunity for both Venezuela and U.S. companies. He did not address whether proceeds from early oil sales would fund humanitarian needs, debt repayment or other state functions.

Congressional leaders have requested briefings on the military action and the proposed reconstruction scheme. International reaction has been mixed, with some regional governments expressing support for regime change and others calling for multilateral mediation.

While the extent of U.S. corporate participation will depend on future sanctions relief and security conditions, Trump maintained that “very large” investments are imminent. Market analysts are watching for guidance from the Treasury Department’s Office of Foreign Assets Control, which administers sanctions, to determine how quickly companies can mobilize equipment and personnel.

Crédito da imagem: Jonathan Ernst / Reuters