Continental signs Venezuela oil block deal with PDVSA
- On Wednesday, Continental Resources Chairman Emeritus Harold Hamm signed a memorandum of understanding with PDVSA Executive Vice President Jovanny Martinez in Houston to develop the Ayacucho 2 Block in Venezuela's Orinoco Belt.
- The agreement responds to the Trump administration's call for American energy companies to rebuild Venezuela's oil industry, which holds the world's largest proven crude reserves but produced just 0.8% of global output.
- Continental will operate the Ayacucho 2 patch with a 100% working interest, spanning roughly 126,000 acres and possessing an estimated 30 billion barrels of resources, the company said in a statement.
- Venezuelan Vice President Delcy Rodriguez stated the deal could generate more than $200 billion, while Secretary of State Marco Rubio estimated near-term private investment at nearly $100 billion.
- Both sides intend to advance a long-term agreement in the coming weeks, joining recent commitments including Chevron's more than $7 billion investment and Minerosol Group's $381.7 million deal.
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Since the capture in January of the overthrow of Nicolás Maduro, Trump allied himself with Caracas and intends to exploit the vast resources of Venezuela, which has the largest proven oil reserve in the world. The United States took advantage of a meeting of the G20 in Houston to make the announcement of new investors. Continental Resources signed an agreement with Petróleos de Venezuela (PDVSA) to operate and develop the Ayacucho Block 2 in the…
Continental signs Venezuela oil block deal with PDVSA
U.S. oil producer Continental Resources on Wednesday signed a memorandum of understanding with Venezuela's state-run Petroleos de Venezuela, S.A. (PDVSA) to develop the Ayacucho 2 block in the Orinoco Belt.
Harold Hamm’s Continental Set to Announce Venezuela Oil Deal
Billionaire shale pioneer Harold Hamm’s Continental Resources Inc. is set to announce a deal to invest in Venezuela as the Trump administration pushes US companies to revive the nation’s oil sector, according to a person familiar with the matter.
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