BILLIONS OF BARRELS: Continental Resources BETS BIG on Venezuela

• Continental Resources (CLR) signed an MOU with Venezuela's PDVSA for a 30 billion barrel oil development in the Orinoco Belt.
• The deal was facilitated by President Trump's encouragement and Venezuela's new hydrocarbon law, offering improved commercial terms.
• The project is a greenfield development requiring significant, long-term capital investment and new infrastructure, with teams already mobilized and an 18-month timeline for initial production.
• The initiative is expected to utilize local Venezuelan workers and service companies, aiming to restore and potentially exceed historical production levels.

Continental Resources has announced a new oil deal with Venezuela's state-owned PDVSA to develop 30 billion barrels of oil in the Orinoco Belt. Executives Harold Hamm and Doug Lawler express optimism about bringing a 'renaissance' to Venezuela's oil production, aiming for initial output within 18 months, which could contribute to global energy abundance.