US president says oil majors primed to invest in rebuilding infrastructure following Maduro ouster

U.S. oil companies will invest billions of dollars in Venezuela's energy sector after the overthrow of Nicolas Maduro, President Donald Trump said.

US president says oil majors primed to invest in rebuilding infrastructure following Maduro ouster

Donald Trump has said that American oil firms will invest billions to produce oil in Venezuela.

Investors bet the action may open opportunities to tap the country's oil wealth.

Shares of U.S. oil majors are rising as investors bet that they will cash in after the military action that ousted Venezuelan President Nicolas Maduro.

US energy stocks rally after abduction of Nicolas Maduro while analysts warn Opec countries could face 'serious' pressure

The White House official did not say which companies the administration has spoken to or when the conversations took place.

President Trump's call for U.S. oil companies to rebuild Venezuela's energy sector after the overthrow of President Nicolas Maduro is easier said than done.

The three biggest US oil companies have so far not had any meetings with the government, contradicting Trump's comments.

“I don't think any large U.S. major company is going to want to invest without a series of guarantees,” one historian of Venezuela said.

Energy experts say reviving Venezuela’s oil industry could be a decade-long process, and could cost upwards of $100 billion.

Doubling Venezuela's weakened oil flows could cost $110 billion and take until 2030.

Trump is open about his ambitions for scaled-up US operations, but analysts say such plans would take time.

Industry insiders say US oil companies want to ‘avoid getting screwed’ and will proceed with extreme caution

In the 1990s, Venezuelan society became further split between the wealthy, who wanted to work with the US, and the working class, who didn't.