Trump-Allied Continental Resources Signs Deal to Develop 30 Billion-Barrel Region In Venezuela

Continental Resources, the Oklahoma-based oil company founded by billionaire Harold Hamm, has signed a memorandum of understanding with Venezuela's state-owned oil company to develop and operate a major crude-producing region in the country's resource-rich Orinoco Belt.

The agreement allows Continental to develop the Ayacucho-2 block, an area spanning approximately 126,000 acres that contains an estimated 30 billion barrels of oil reserves, according to the company.

The project represents one of the most significant moves by a U.S. energy company into Venezuela's oil sector as Washington encourages American firms to participate in rebuilding the country's deteriorated petroleum industry.

Continental said it plans to move from the preliminary memorandum of understanding with Petróleos de Venezuela S.A. (PDVSA) toward a long-term operating agreement in the coming weeks.

The Orinoco Belt holds the majority of Venezuela's estimated 303 billion barrels of oil reserves, the largest proven reserves in the world. However, years of challenges have caused Venezuela's oil production to fall dramatically from previous decades.

Continental's potential entry into the market comes amid a broader push by the Trump administration for U.S. energy companies to invest in Venezuela's oil sector following major political changes in the country.

President Donald Trump has urged American oil companies to help develop Venezuela's vast reserves, although many publicly traded energy companies have remained cautious about committing capital because of political, legal, and operational uncertainties.

Continental, which is privately held and headquartered in Oklahoma City, said it began evaluating opportunities in Venezuela after Trump called for increased U.S. energy involvement in the country.

"Continental Resources undertook an independent evaluation of opportunities in Venezuela," the company said, adding that changes to Venezuela's oil industry regulations helped support its decision to pursue investment.

The company's founder, Harold Hamm, has long been a supporter of Trump. According to data from the nonpartisan organization OpenSecrets, Hamm contributed more than $1 million to the political action committee Make America Great Again between 2023 and 2024.

The Venezuelan government has sought new partnerships to increase production and attract investment into fields that require significant infrastructure upgrades. Continental's announcement follows a series of other oil-related developments involving Venezuela.

In recent weeks, the Trump administration has announced agreements involving Venezuelan crude reserves, including a deal with North American Blue Energy Partners (NABEP), a private oil company that received concessions to develop additional reserves.

According to reports, NABEP granted the U.S. government a 35% ownership stake along with a guaranteed supply arrangement tied to future crude production. Chevron has also expanded its plans in Venezuela. The company announced a multibillion-dollar investment strategy aimed at increasing its Venezuelan production by 2031, including expansion into additional oil fields.