U.S. Secretary of Energy Chris Wright said Sunday that American oil companies are likely to expand their presence in Venezuela’s energy sector as the country begins a new chapter following the removal of former dictator Nicolás Maduro.

Speaking on Face the Nation, Wright emphasized that any expanded role will ultimately be driven by U.S. businesses themselves, but made clear that the opportunity is real and growing under President Trump’s leadership.

“That decision will be made by American companies, but the possibility is absolutely there,” Wright said.

Wright also underscored that the United States has not taken control of Venezuela’s state-owned oil company, PDVSA. However, following President Trump’s meeting with oil executives at the White House on Friday, the administration is actively encouraging U.S. energy firms to reengage in Venezuela as part of a broader effort to stabilize the country and restore order.

“Right now, the United States is overseeing the sale of Venezuelan crude,” Wright explained. “We have effectively restricted their ability to export oil independently. All exports are handled through American crude marketers. The revenue is collected and directed back to Venezuela in a way that supports stability and benefits both Americans and the Venezuelan people.”

U.S. forces captured Maduro and his wife on January 3 and transported them to New York to face federal charges, including narco-terrorism and cocaine trafficking. Both have pleaded not guilty. Wright said the administration expects meaningful change in Venezuela to happen quickly.

“By controlling the sale of Venezuelan oil and the flow of funds into the country, the United States now has significant leverage,” Wright said. “We believe this will lead to rapid improvements on the ground. This process is only eight days old, but it is already off to a strong start.”

Wright acknowledged that the transition requires working with officials currently in power, even some who have been indicted in the United States, including Interior Minister Diosdado Cabello. He stressed that preventing chaos and state collapse is the immediate priority.

“We have to work with those who currently control security forces to move Venezuela toward a representative government,” Wright said. “The alternative would be total collapse, and that is not acceptable.”

Despite progress, Wright was clear: Venezuela does not yet have a legitimate government.

“Our goal is to return sovereignty to the Venezuelan people through a representative government,” he said. “Once that happens, full sovereignty will be restored.”

President Trump also issued a warning Sunday to Cuba, another adversary in the region, stating in a social media post that the island nation is now cut off from Venezuelan oil and should “make a deal before it’s too late.” Wright later clarified that the United States is not currently asking Mexico to halt its oil exports to Cuba.