Continental Resources signs preliminary Venezuela oil deal with PDVSA

Continental Resources has signed a preliminary memorandum of understanding with Venezuela's state-owned oil company PDVSA to develop the Ayacucho 2 block in the country's Orinoco Belt, marking a significant entry by a major U.S. energy firm into the Venezuelan oil sector. The agreement, announced on September 17, 2026, is not a final contract but a step toward a long-term production deal. The Ayacucho 2 block, located in Anzoátegui state, covers approximately 126,000 acres and is estimated by Continental Resources to contain about 30 billion barrels of oil resource in place. Under the terms of the preliminary memorandum, the parties intend to advance to a definitive long-term Contrato de Participación Productiva agreement in the coming weeks. Upon execution of that binding contract, Continental would operate the block with a 100% working interest. The announcement comes amid a broader push by the Trump administration for American energy companies to participate in rebuilding Venezuela's oil industry. Continental Resources stated it began evaluating opportunities in the country following calls from the administration and subsequent changes to Venezuela's hydrocarbon framework.