CNBC Television Sep 17, 2026 3 min
With Doug Lawler, CEO of Continental Resources
Continental Resources has signed a memorandum of understanding covering a greenfield heavy-oil project just north of Venezuela's Orinoco River. The document is nonbinding.
CNBC opened by asking whether Venezuela is actually happening or whether this is still an exploration of options. Doug Lawler answered by separating the intent from the commitment: the memorandum is a way into contract negotiation, and the capital decision has not been made.
"I believe there is real possibilities and distinct opportunities in Venezuela today."
Lawler, CEO of Continental Resources, runs what the program described as the world's largest privately held oil and gas developer, which is also building out fields in Argentina. On CNBC Television he gave the reason the country has become investable again, and he was asked about a diesel shortage he says will not be fixed by any of it soon.
The full segment is covered here so you can skip it.
Here are the 3 takeaways that matter.
Key Takeaways
The Venezuela agreement is a nonbinding memorandum, which Lawler calls a leading entry into contract negotiation rather than a commitment
The target is a greenfield heavy-oil development just north of the Orinoco River
Changes to Venezuela's Hydrocarbon Law over recent months created the more competitive terms that brought Continental and others to look
He frames the project as energy security for the Western Hemisphere, not only as a return on capital
On diesel, his answer is blunt: the shortage will not resolve in the next few weeks
1. Is Venezuela Happening?
The anchor put the distinction directly: a memorandum of understanding is not a deal, so is Venezuela happening or is Continental still looking? Lawler said he sees real possibilities, and credited both the Venezuelan government's own movement and support from the US government for turning them into something actionable. Resources that have been off the market for some time, in his description, could be mobilized.
Asked what it would actually take to commit capital — a question the anchor said came up repeatedly on a recent trip to the country with the US Secretary of Energy — Lawler described what the company has signed.
"This MOU is nonbinding, but it is a leading entry into contract negotiation" — Doug Lawler
The project behind it is a greenfield heavy-oil opportunity in the belt just north of the Orinoco River.
2. Why the Terms Changed
Lawler named a specific cause for the change in interest, and it is legal rather than geological.
"We know that there's been a lot of progress made in the past several months with the Hydrocarbon Law that have created some more favorable terms, more competitive terms for external outside investment that has attracted Continental and attracted many other companies to look at the country for potential new development." — Doug Lawler
He was careful to say the resources themselves were never in doubt. What changed is the environment the Venezuelan government is supporting, backed by the US government, which he said creates an opening to affect energy security and stability across the Western Hemisphere.
3. The Diesel Problem
The second anchor changed the subject to diesel, said she did not want to be dismissive about oil but that the immediate shortage is the pressing issue, and ran through the options she could see: no new refinery can be brought on, and an export ban has unclear effects. She asked whether the answer is to hope the situation improves over the next few weeks.
Lawler agreed with the diagnosis and rejected the timeline.
"Unfortunately, it's not something that's going to resolve in the next few weeks." — Doug Lawler
What Venezuela offers, in his account, is additional supply into global markets that mitigates some of the pressure rather than removing it.
"We know that increased production from Venezuela will contribute to the global supply and have a material impact." — Doug Lawler
He was describing how far Venezuelan output has fallen when the clip ends.
Bonus Insights
The anchor disclosed that he had been in Venezuela with the US Secretary of Energy, and said the mood in the room was warm but the questions were practical, which is how the interview arrived at what a capital commitment would require.
Lawler used the phrase "energy security and stability in the Western Hemisphere" rather than talking about returns, which is the language a project needing political cover on both ends tends to attract.
Lawler's position is that Venezuela has become worth negotiating over because its law changed, not because its geology did, and that nothing Continental signs there will reach the diesel market this month.
Products, Companies & Tools Mentioned
Continental Resources (Lawler's company, described by the program as the world's largest privately held oil and gas developer; it signed the Venezuela memorandum and is also building out fields in Argentina)
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