CLR News & Analysis

Continental Resources (CLR) to Develop 30 Billion Barrels in Venezuela

Continental Resources (CLR) signed a memorandum of understanding with Venezuela's state oil company to develop an area of the Orinoco Belt spanning 126,000 acres, estimated to hold 30 billion barrels of crude oil. The development is in response to encouragement from former President Trump and follows recent reforms in Venezuela's oil laws. Continental plans to turn this MOU into a long-term agreement in the coming weeks. This matters for investors as the deal positions Continental to tap into one of the world's largest oil reserves, potentially impacting future revenues.