Continental’s Venezuela Oil Bet A 30 Billion-Barrel Opportunity That Could Reshape the Energy Map
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Continental Resources is making a major move into Venezuela’s oil industry with a new agreement to develop the Ayacucho 2 Block in the Orinoco Oil Belt. The Oklahoma-based energy company has signed a memorandum of understanding with Venezuela’s state-owned PDVSA to operate and develop the approximately 126,000-acre block, which Continental estimates contains around 30 billion barrels of oil resources in place.
This report examines what the Continental Resources Venezuela deal could mean for the U.S. oil industry, Venezuela’s energy sector and the global crude oil market. The…
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