Continental Resources Signs Deal to Explore Venezuelan Oil Fields

Continental Resources signed a nonbinding memorandum of understanding with Petróleos de Venezuela S.A. (PDVSA) on Wednesday to explore a 126,000-acre undeveloped heavy-oil field in the state of Anzoátegui. Announced at the G-20 Energy Abundance Ministerial in Houston, the deal targets the Ayacucho 2 Block in the Orinoco Belt, which holds an estimated 30 billion barrels of oil resources.

The agreement follows a push by President Donald Trump for U.S. companies to revive Venezuela's oil sector after the capture of former president Nicolás Maduro in January. While public oil majors have remained hesitant, the Oklahoma City-based private producer intends to transition the memorandum into a long-term agreement in the coming weeks.

CEO Doug Lawler stated the project will require significant capital for seismic work, new wells, and infrastructure, with a goal of achieving first oil in approximately 18 months. Continental joins other firms including Chevron, ENI, Primavera, and Aspect Holdings in establishing new ventures in the country. The move aligns with a broader U.S. strategy to shift the geopolitical center of energy away from the Middle East.