Trump Allies Line Up to Cash In on Venezuela's Oil

US oil tycoon Harold Hamm, a close ally of President Trump and CEO of Continental Resources, has signed a preliminary deal with Venezuela's national oil company PDVSA to develop and operate 126,000 acres of oil fields. The agreement, announced at the G20 energy summit in Houston, includes an estimated 30 billion barrels of oil reserves.

Hamm has advised Trump on energy issues and contributed $4.3 million to Trump-aligned PACs for his 2024 election campaign. This deal comes after Chevron invested $7 billion over five years to expand production in Venezuela earlier this month.

The Trump administration's August deal with Venezuela has opened the door for US companies to invest in the country's massive oil reserves, despite challenges and uncertainty surrounding the agreement.