Continental Strikes Venezuela Oil Deal for 30 Billion Barrel Block

Continental Resources has agreed with Venezuela's state oil company PDVSA to develop the Ayacucho 2 Block in the Orinoco Belt, which holds an estimated 30 billion barrels of resources. The US company will operate the block with a 100% working interest under a long-term Contrato de Participación Productiva agreement. This deal could signal increased future oil supply, potentially easing global crude prices, which may in turn reduce inflationary pressures and impact gold and USD/PKR rates in Pakistan.

بحوالہ / Source: oilprice.com