Continental Secures 30 Billion Barrel Venezuelan Oil Deal

Continental Resources has secured a deal to develop oil in Venezuela's Orinoco Belt. The company will operate and develop the Ayacucho 2 Block with a 100% interest, which covers about 126,000 acres.

The block is estimated to hold around 30 billion barrels of oil, making it one of the most significant resource opportunities for Continental in its nearly 60-year history. The Trump administration's call for American energy companies to help rebuild Venezuela's oil industry led Continental to evaluate opportunities in the country.

Continental Resources CEO Doug Lawler said, 'Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental's growth trajectory.'

The memorandum of understanding allows Continental to bring private capital, technology, technical expertise, and large-scale operating capabilities to the effort to redevelop Venezuela's oil industry. The company plans to evaluate additional opportunities in the country.