He&#x27;s ignored costs. 10.5 billion barrels * $36 = $378 bn. But they probably cost something like $25 a barrel to extract so $115bn, plus financing costs because it would take say 10 years to get it and sell it, say 6% interest reduces the NPV to $65 bn. A lot of businesses would look great if you could assume they were worth potential sales with no costs attached.