Industry reaction Experts say firms need taxpayer backing

Industry experts have expressed scepticism over Donald Trump's bullish prediction that US oil firms will rapidly invest tens of billions of dollars to fix Venezuelan infrastructure and step up production after the capture of Nicolás Maduro.

- Callum Jones New York

Without an “ironclad guarantee” that the US federal government will fully reimburse them for the cost of rebuilding the country’s oil market, analysts expect energy companies to proceed with extreme caution.

The president has nevertheless insisted the industry will move quickly, predicting firms could get an expanded oil operation “up and running” in Venezuela - reputedly home to the world’s largest crude oil reserves - in less than 18 months.

“I think we can do it in less time than that,” Trump claimed in an interview with NBC News on Monday. “But it’ll be a lot of money.”

In the face of such sweeping declarations, firms such as ExxonMobil, ConocoPhillips and Chevron - the only US oil major still operating in Venezuela - have so far declined to publicly outline any such plans.

“It would be premature to speculate on any future business activities or investments,” a Conoco spokesperson said this weekend.