Sullivan named CVX and XOM among prospective participants in a 25-year Venezuelan lease deal, but warned real production is years away.
Venezuela's output collapsed from 3.2 to 1.2 million barrels per day since 1997, leaving 65 billion barrels stranded without capital or expertise.
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CNBC's Brian Sullivan walked viewers through the announced U.S.-Venezuela oil arrangement Monday, delivering a simple message for investors: the headline reserve number is enormous, and the timeline to real production might not be as long as some would expect.
"Venezuela, 65 billion barrels proven reserves on the part of this deal. Venezuela obviously has more. The U.S. under this would control 55% of that," Sullivan said, framing a reported 25-year lease structure valued at $100 billion-plus in investment by U.S. energy companies.
#billion #lease
Venezuela's output collapsed from 3.2 to 1.2 million barrels per day since 1997, leaving 65 billion barrels stranded without capital or expertise.
Act now: the **** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Exxon Mobil didn't make the cut. Grab the names FREE today.
CNBC's Brian Sullivan walked viewers through the announced U.S.-Venezuela oil arrangement Monday, delivering a simple message for investors: the headline reserve number is enormous, and the timeline to real production might not be as long as some would expect.
"Venezuela, 65 billion barrels proven reserves on the part of this deal. Venezuela obviously has more. The U.S. under this would control 55% of that," Sullivan said, framing a reported 25-year lease structure valued at $100 billion-plus in investment by U.S. energy companies.
#billion #lease
2 months ago
