US oil companies were working in Venezuela for decades before the Chavez government came to power in the late 1990s and nationalised the oil industry. As such, much of the oil industry infrastructure in the country had originally been funded and developed by those companies, but there has been minimal investment in it for the past 25 years and it's now out of date or falling apart. The amount of investment required to get the industry back on its feet will be colossal.
This article explains the history of oil in Venezuela. The US controlled energy resources in several countries (Venezuela, Mexico, Brazil and Saudi Arabia), and those countries decided to assert national energy sovereignty. When the US declares that Venezuela stole from the US, what he means is that in 1976 (50 years ago) several countries, including Venezuela, terminated their colonial status with the US.
The US is more or less demanding a return to 1908, when foreign companies controlled 98% of oil production in Venezuela.
"The right-wing strongman Juan Vicente Gómez, the military dictator who ruled Venezuela from 1908 until his death in 1935, granted concessions that left
three foreign oil companies [Gulf, Royal Dutch Shell, and Standard Oil] in control of 98 percent of the Venezuelan market. The country became the world’s second-largest oil producer and largest exporter; oil
accounted for over 90 percent of the country’s total exports.
...
Under President Isaías Medina Angarita, authorities approved a law in 1943 that
required foreign oil companies to relinquish half their profits to the government. A 1958 pact signed by Democratic Action, the Democratic Republican Union and the Independent Political Electoral Organization Committee
ensured the country’s major political parties had access to oil profits.
By the time Venezuelan lawmakers began debating nationalization legislation in 1975, ... “Nobody was going to resist Venezuela carrying this nationalization to its end, and the U.S. was much more interested in having Venezuela be a provider of oil — relatively cheap oil — than to have a production collapse in Venezuela,” Rodríguez said.
...
In January 1976, Venezuelan state oil company Petróleos de Venezuela S.A., a democratic socialist, took over the exploration, production, refining and export of oil.
The country followed Mexico, Brazil and Saudi Arabia in a wave of resource nationalism aimed at trying to wrest control of energy resources, primarily from the United States, to achieve economic sovereignty."
~ in my humble opinion ~