Billionaire shale pioneer Harold Hamm's Continental Resources Inc. has reached a deal to explore for oil in Venezuela, signing a Memorandum of Understanding (MOU) with Venezuela's state-run Petróleos de Venezuela, S.A. (PDVSA). This agreement, signed on September 16, 2026, focuses on developing the Ayacucho 2 block within the Orinoco Belt, a region known for its vast oil reserves. The block spans approximately 126,000 acres and is estimated to contain 30 billion barrels of resources.
This move by Continental Resources comes as the Trump administration actively encourages U.S. companies to participate in rebuilding Venezuela's oil industry. The deal is expected to advance to a long-term Contrato de Participación Productiva (CPP) agreement in the coming weeks. Continental Resources will operate the Ayacucho 2 block with a 100% working interest, bringing significant private capital, technology, and technical expertise to the redevelopment of Venezuela's energy sector.
The agreement was signed during the G20 Ministerial Meeting on Energy Abundance in Houston, Texas, with Harold Hamm shaking hands with PDVSA Executive Vice President Jovanny Martinez. Continental Resources, headquartered in Oklahoma City, is one of the largest privately held oil and natural gas producers globally. This expansion into Venezuela significantly adds to its international portfolio, which also includes assets in Argentina's Vaca Muerta and a joint platform in Turkey's Diyarbakır Basin. The company views Ayacucho 2 as one of the most substantial resource opportunities in its nearly 60-year history, aiming to contribute to Venezuela's economic strength and global energy markets.
