OKLAHOMA CITY, OKLAHOMA (By Continental Resources, 16.Sep.2026, Words: 363) — Continental Resources, Inc. signed a memorandum of understanding (MOU) with state-owned Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 block in Venezuela’s Orinoco heavy oil belt, one of the world’s most prolific oil-producing regions.
The parties intend to advance a long-term Contrato de Participación Productiva (CPP) agreement in the coming weeks.
“We are excited to participate in the revitalization of Venezuela’s energy industry, bringing further economic strength to Venezuela and its people as well as global energy markets. Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental’s growth trajectory,” said Doug Lawler, President and chief executive officer of Continental Resources.
LATIN PETROLEUM PRESS DIGEST: HAMM EYES ARG; MEX EXPORTS TO USA; MESA TO HEAD GEF
Following the Trump administration’s call for American energy companies to help rebuild Venezuela’s oil industry, Continental undertook an independent evaluation of opportunities in the country. That evaluation, together with Venezuela’s revised hydrocarbon legal framework, provided a path for Continental to pursue this opportunity.
Ayacucho 2 block
Located north of the Orinoco River in Venezuela’s Anzoátegui state, the Ayacucho 2 block encompasses approximately 126,000 acres with an estimated 30 billion barrels of resource in place. Upon execution of the CPP, Continental will operate the block with a 100% working interest.
Ayacucho 2 represents one of the most significant resource opportunities in Continental’s nearly 60-year history, substantially expanding the company’s long-term development inventory and adding another world-class asset to its portfolio. Continental’s expansion into Venezuela builds on a portfolio anchored by its leading US asset base and growing international presence, including Argentina’s Vaca Muerta.
ANALYSIS SYNOPSIS: RIGI, SET, GO!
Through this MOU, Continental has the opportunity to bring significant private capital, technology, technical expertise and large-scale operating capability to the redevelopment of Venezuela’s oil industry. The company will continue to evaluate additional opportunities in Venezuela, the US, and around the world.
“Continental was built to recognize great resource opportunities and have the conviction to pursue them,” said Harold Hamm, founder and chairman emeritus of Continental Resources. “What this company is doing today builds on that foundation while taking Continental to an entirely new level. I could not be more proud of the company, our people and the future we are building.”
____________________
BLOOMBERG: Venezuela Oil Opening Is ‘Smoke and Mirrors,’ Pickering Says
LATIN PETROLEUM ANALYSIS: TO HELL WITH FREE AND FAIR ELECTIONS, THERE’S OIL TO CLAIM, DEVELOP
