Bangladesh, Sept. 6 -- The biggest question surrounding the emerging US-Venezuela oil partnership may not be how much crude Venezuela can produce, how quickly American companies can return to the country, or even how much money can ultimately be made from the worlds largest proven oil reserves.

The real question is much more political:

What happens to the deal after the 2028 US presidential election?

That question is already unsettling executives across the American oil and gas industry. Contracts may be signed, investment structures may be established and governments may promise long-term cooperation, but investors know that oil projects operate on timelines measured in decades-not presidential terms.

The Venezuelan opportunity is en...