Hamm's Continental Secures Deal for Venezuela Oil Field

U.S. billionaire Harold Hamm's company, Continental Resources, has secured a deal to explore for oil in Venezuela.

The firm will operate and develop the Ayacucho 2 field in the Orinoco Belt, a region rich in heavy crude.

The Ayacucho 2 field spans roughly 126,000 acres with reserves estimated at 30 billion barrels of oil.

Continental signed a memorandum of understanding with Venezuelan state oil company PDVSA and plans to finalize a long-term agreement within weeks.

CEO Doug Lawler said oil production is expected to begin in about 18 months.