Continental Resources signs deal to drill in Venezuela's Orinoco Belt

Trump donor Harold Hamm’s Continental Resources announced Wednesday that it has signed a memorandum of understanding with Venezuela’s state‑run oil firm to begin drilling operations in the Orinoco Belt. The agreement grants Continental access to a 126,000‑acre block within the oil‑rich region, marking the U.S. company’s first formal entry into Venezuela’s offshore and onshore exploration sector since the country’s economic crisis intensified.

The memorandum, detailed in a press release, positions Continental to evaluate and develop the area’s heavy crude reserves, a resource long considered among the world’s most significant. While the deal signals renewed foreign interest in Venezuela’s oil industry, it occurs amid ongoing U.S. sanctions and diplomatic negotiations that have constrained international investment. Continental’s leadership emphasized the company’s focus on “great resource opportunities,” indicating a strategic move to diversify its portfolio while navigating the complex regulatory environment.