Continental Resources Taps into Venezuela's Crude Riches

Continental Resources, a privately held oil and natural gas producer based in Oklahoma City, has signed a memorandum of understanding with Venezuela's state oil company to develop a massive crude region in the South American nation.

The Orinoco Belt, where Continental will operate, spans 126,000 acres and holds an estimated 30 billion barrels of reserves. This represents most of Venezuela's 303 billion barrels of reserves.

Continental plans to advance the MOU into a long-term agreement with Petróleos de Venezuela in the coming weeks. The deal marks a significant step forward for U.S. oil companies, which have been hesitant to invest in Venezuela despite President Donald Trump's calls for American energy companies to help develop the country's massive reserves.

Continental founder Harold Hamm has been a Trump supporter and donor, contributing over $1 million to the Make America Great Again PAC between 2023 and 2024. Hamm's company undertook an 'independent evaluation of opportunities' in Venezuela after Trump called for American energy companies to invest in the country.

Venezuela's reform of its oil industry law helped Continental make a decision to invest, according to the company. The deal comes eight months after the Trump administration ousted former President Nicolás Maduro in a military raid.