The editorial board argues that Donald Trump's approach to reviving Venezuela's oil sector after the January raid on Nicolás Maduro is flawed. Despite predictions of new investment, major oil companies remain wary due to political instability and past asset appropriations under Hugo Chávez and Maduro. Chevron's $7bn commitment to double production is a positive sign, but broader confidence is lacking.

The US has opted for unorthodox dealmaking, taking a 35% stake in Alejandro Betancourt's North American Blue Energy Partners, which holds a concession covering 17 oilfields and about one-fifth of Venezuela's reserves. This move, managed through the Pentagon's Office of Strategic Capital, aims to provide financial guarantees to investors. However, the deal faces legal challenges in both countries and criticism from Democrats in Congress.

Betancourt's controversial past, including wealth accumulation under Chávez, raises concerns about the deal's longevity, especially if new elections bring a different government. The article concludes that sustainable oil investment requires a credible, democratically elected government, not short-term fixes.