Oilmen are extraordinarily quick to forgive and forget, given the fickle nature of petro-states, but even their memories are not this short. It was just two years ago that Hugo Chávez, Venezuela’s president, informed some of the world’s largest producers that their multibillion dollar investments in the promising but technically-daunting Orinoco Belt would become state property. With crude $110 a barrel lower than it was in July, his position has understandably softened, but so has the risk appetite of the world’s oil majors.

Indeed, the shoe is suddenly on the other foot for Mr Chávez, who is learning that agreements made in good times may be reinterpreted in bad ones. Knowing that national oil firm Petróleos de Venezuela (PDVSA) lacked capital, various memoranda were signed with friendly state energy companies in Russia, Iran and China in 2007 and 2008.