- Trump Unveils Plan for Massive US Investment in Venezuela’s Oil Industry
- Says the plan is aimed at reviving oil production and restoring the country’s position as a major global energy supplier
Trump disclosed that the United States would temporarily assume control of Venezuela pending a political transition
United States President, Donald Trump, has announced that American oil companies will invest billions of dollars in Venezuela’s energy sector following the removal of President Nicolás Maduro from power, Eko Hot Blog reports.
Speaking at a press conference at his Mar-a-Lago residence in Palm Beach, Florida, on Saturday, Trump said major United States oil firms would spearhead efforts to rebuild Venezuela’s severely degraded oil infrastructure.
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According to Trump, the plan is aimed at reviving oil production and restoring the country’s position as a major global energy supplier.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars and fix the badly broken oil infrastructure,” Trump said. “Let’s start making money for the country.”
The announcement followed a large scale overnight military operation in which United States forces captured Maduro and his wife, Cilia Flores. Both have been indicted on drug trafficking charges in the Southern District of New York.
Trump disclosed that the United States would temporarily assume control of Venezuela pending a political transition. He said the country would be administered by the United States “with a group” until a “safe, proper and judicious transition” is completed, without providing further details.
Despite the proposed investments, Trump stated that the United States embargo on Venezuelan oil remains fully in force. He added that American oil companies would initially fund the rehabilitation of the oil infrastructure but would later be reimbursed.
The President said the objective is to restore oil production and significantly increase exports to global markets.
“We’re going to get the oil flowing the way it should be. We’ll be selling large amounts of oil to other countries,” he said.
Venezuela is a founding member of the Organization of the Petroleum Exporting Countries and holds the largest proven oil reserves in the world. The country nationalised its oil industry in 1976, taking control of assets previously owned by companies such as Exxon Mobil, Shell and Chevron.
Analysts note that Venezuela’s oil production peaked at about 3.5 million barrels per day in the late 1990s but has since declined sharply to an estimated 800,000 barrels per day. By comparison, United States oil production stood at about 13.8 million barrels per day in the week of 26 December.
China and Russia also maintain a presence in Venezuela’s oil sector. In November, the former Maduro administration approved a 15 year extension of joint ventures with Russian linked companies operating oil fields in the country.
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