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● TRACKER Updated 12d ago · 34 sources tracked

Continental Resources strikes Venezuela oil development deal

President Trump announced the United States has gained majority control over 65 billion barrels of Venezuelan oil. This follows a deal between Continental Resources and Petroleos de Venezuela to operate the Ayacucho 2 Block in the Orinoco Oil Belt. Other energy firms including Chevron and Baker Hughes are pursuing operational expansions in the region. The administration views the move as a step toward a golden age of abundance, though the exact impact on global markets and gasoline prices remains under analysis.

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  • ✓ President Trump stated the United States secured majority control over 65 billion barrels of Venezuelan oil.
  • ✓ Continental Resources and Petroleos de Venezuela agreed to operate the Ayacucho 2 Block.
🛡️ Source Corroboration: 34 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

President Trump specified the total volume of oil under U.S. majority control as 65 billion barrels.

Live updates

  1. Trump Claims U.S. Secured Control Over 65 Billion Barrels of Venezuelan Oil

    President Trump announced the United States has gained majority control over 65 billion barrels of Venezuelan oil. This follows a deal between Continental Resources and Petroleos de Venezuela to operate the Ayacucho 2 Block in the Orinoco Oil Belt. Other energy firms including Chevron and Baker Hughes are pursuing operational expansions in the region. The administration views the move as a step toward a golden age of abundance, though the exact impact on global markets and gasoline prices remains under analysis.

    Why it matters

    The U.S. is aggressively securing energy reserves in Venezuela to bolster domestic energy security and refinery capacity. This strategy involves partnering with both state-owned entities and private contractors to manage vast reserves.

    What is confirmed

    • President Trump stated the United States secured majority control over 65 billion barrels of Venezuelan oil.
    • Continental Resources and Petroleos de Venezuela agreed to operate the Ayacucho 2 Block.

    Still unconfirmed

    • Exxon is in advanced talks to return to Venezuela.

    What to watch next

    • Confirmation of Exxon's return to Venezuelan operations
    • Operational start dates for the Ayacucho 2 Block
    • Official data on the impact of the deal on U.S. gasoline prices
    Sources used for this update (3)
    1. shalemag.com — Trump Venezuela Oil Deal: What 65 Billion Barrels Means for U ...
    2. www.youtube.com — The Biggest Oil Deal or Theft at Gunpoint? U.S. Claims ...
    3. www.worldenergynews.com — World Energy News
    confidence 90%

  2. International Energy Firm Hires Lobbyists Following Venezuela Oil Reserve Deal

    International energy contractors are securing representation to manage new United States control over Venezuelan reserves following the recent agreement between Continental Resources and Petroleos de Venezuela to operate the Ayacucho 2 Block. The partnership involves an area holding an estimated 30 billion barrels in the Orinoco Oil Belt, prompting extensive analysis of short- and long-term consequences. Interior Secretary Doug Burgum previously characterized the energy partnership as moving at Trump speed toward a golden age of abundance, while other firms such as Baker Hughes and Chevron also pursue operational expansions in the country.

    Why it matters

    The recent agreement represents a major shift in resource access and geopolitical alignment regarding Venezuelan petroleum reserves. Industry analysts and commentators are evaluating the short- and long-term consequences of foreign involvement and newfound regulatory controls. Concurrently, other major energy providers have sought similar expansion paths inside the region.

    What is confirmed

    • International energy contractors are securing representation to navigate new U.S. control over Venezuelan reserves.

    What to watch next

    • Further lobbyist registrations and disclosures by energy firms operating in Venezuela
    • Additional announcements regarding liquefied natural gas export agreements by Chevron or Baker Hughes
    Sources used for this update (5)
    1. help.naver.com — Futures Flat As Oil Rebounds After Trump's "Energy Ceasefire" Unravels, Memory Stocks Slide | ZeroHedge
    2. www.foxbusiness.com — Great Business Leaders in America & Around the World | Fox Business
    3. venezuelanalysis.com — The ‘Biggest Oil Deal in History’ Is Turning Off the Lights in Venezuela
    4. www.worldoil.com — South America | World Oil Online
    5. wearemainstreet.org — Energy Firm Hires Lobbyists After U.S. Oil Reserve Deal
    confidence 90%

  3. Continental Resources Strikes Venezuela Oil Deal

    Continental Resources has signed a memorandum of understanding with Petroleos de Venezuela to operate and develop the Ayacucho 2 Block in the Orinoco Oil Belt. The block holds an estimated 30 billion barrels in a region described as one of the most prolific oil-producing areas in the world. Interior Secretary Doug Burgum stated that the United States-Venezuela energy partnership is moving at Trump speed toward a golden age of abundance. Baker Hughes and Chevron have also pursued agreements to expand operations, infrastructure, and potential liquefied natural gas exports inside Venezuela.

    Why it matters

    The agreement follows a broader wave of international energy investments aimed at revitalizing Venezuela's petroleum sector under new hydrocarbons legislation. Interior Secretary Doug Burgum stated that American corporate interest is accelerating the bilateral energy partnership. However, reviving the heavily mismanaged sector faces severe structural and legal hurdles despite the influx of new contracts.

    What is confirmed

    • Continental Resources signed an agreement with PDVSA on September 16, 2026, to develop the Ayacucho 2 Block.
    • The Ayacucho 2 Block holds an estimated 30 billion barrels in Venezuela's Orinoco Belt.
    • Interior Secretary Doug Burgum stated that the US-Venezuela energy partnership is moving at Trump speed.
    • Chevron expanded its Venezuela oil operations with more than $7 billion in planned investment and new acreage.

    What to watch next

    • Whether Continental Resources and PDVSA advance their memorandum of understanding into a long-term operating arrangement for the Ayacucho 2 Block
    • The signing of the 44 additional oil contracts needed before the end of the year under Venezuela's hydrocarbons law
    Sources used for this update (10)
    1. jobs.continental.com — Jobs | Continental
    2. nam.org — Energy Companies Invest in Venezuela - NAM
    3. www.walmart.com — Continental Tires - Premium All Season Performance
    4. www.foxbusiness.com — Latin America - Fox Business ,Saving & Investing
    5. www.foxbusiness.com — South America - Fox Business ,Saving & Investing
    6. oilmarketdaily.com — Continental Signs PDVSA Deal for Orinoco's Ayacucho 2 Block
    7. octus.com — EMEA Leveraged Finance Weekly: Issuance Trends | Octus
    8. www.latintimes.com — Contracts Signed, Barrels Still Missing: The Real Story ...
    9. runrunenergetico.com — Continental neg la compra de Phoenix Global Resources en VM
    10. runrunenergetico.com — RN habilita el ing de Continental Resources a Loma Guadalosa
    confidence 100%

  4. Baker Hughes joins Venezuela energy push amid Continental Resources legal hurdles

    Baker Hughes has signed agreements with PDVSA and New Stratus Energy to develop Venezuelan oil and gas, including gas infrastructure and potential LNG exports. This expands the US presence in the region alongside Continental Resources' deal for the Ayacucho 2 Block. However, the broader effort to revive Venezuela's oil sector faces steep challenges. Infrastructure collapse and years of mismanagement may require investments exceeding $100 billion, while the Continental Resources agreement specifically faces legal and logistical obstacles that may hinder its implementation.

    Why it matters

    The Orinoco Belt contains some of the largest oil resources globally, making it a primary target for US energy firms. Revitalizing these assets requires more than just reactivating rigs; it demands a total overhaul of decayed site infrastructure.

    What is confirmed

    • Baker Hughes signed agreements with PDVSA and New Stratus Energy for oil, gas, and LNG development.
    • Continental Resources signed a memorandum of understanding with PDVSA for the 126,000-acre Ayacucho 2 Block.

    Still unconfirmed

    • Glencore-Peabody and Heeney-Drummond are bidding on Zulia coalfields.

    What to watch next

    • Legal rulings on the implementation of the Continental Resources deal
    • Evidence of infrastructure investment exceeding rig reactivation
    • Formal signing of coal deals in the Zulia region
    Sources used for this update (13)
    1. www.theguardian.com — The truth behind Donald Trump’s ‘biggest oil deal in world ...
    2. discoveryalert.com — Glencore and Rival Consortium Circle Venezuela’s Zulia Coalfields
    3. oilprice.com — Venezuela’s Oil Comeback Could Cost More Than $100 Billion
    4. www.gulf-times.com — tag - Gulf Times
    5. www.worldoil.com — Baker Hughes signs Venezuela deals targeting oil, gas and LNG development
    6. aoghs.org — News & Events - American Oil & Gas Historical Society
    7. www.continental.com — Home | Continental - Continental AG
    8. en.wikipedia.org — Continental AG - Wikipedia
    9. www.continental-tires.com — USA & Canada - Continental Tires
    10. continentaltire.com — Truck Tires, SUV Tires, Commercial Tires & More | Continental...
    11. www.continentalparts.com — Continental Auto Parts - Home
    12. www.continental.com — Continental USA - Continental Corporation USA
    confidence 80%

  5. Continental Resources strikes Venezuela oil development deal

    Continental Resources, led by Harold Hamm, has signed a memorandum of understanding with PDVSA to develop the 126,000-acre Ayacucho 2 Block in the Orinoco Belt, which contains an estimated 30 billion barrels of oil resource in place. The US energy producer is investing in one of the largest oil patches globally. The success of the agreement depends on the company's ability to execute operations.

    Why it matters

    This deal is significant as it marks a major investment by a US domestic producer in Venezuela's oil sector. The US energy secretary had previously signaled that a domestic producer would announce an investment in Venezuela. The Orinoco Belt is one of the largest oil-producing regions in the world.

    What is confirmed

    • Continental Resources signed a memorandum of understanding with PDVSA to develop the 126,000-acre Ayacucho 2 Block in the Orinoco Belt.
    • The Ayacucho 2 Block contains an estimated 30 billion barrels of oil resource in place.
    • Continental Resources is led by Harold Hamm.

    What to watch next

    • Execution of operations by Continental Resources
    • US government response to the investment
    • Oil production levels from the Ayacucho 2 Block
    Sources used for this update (3)
    1. www.foxbusiness.com — US Markets
    2. jen.jiji.com — Ayanat Zhumagali wins 2026 Asian Games weightlifting silver
    3. www.foxbusiness.com — Oil - Fox Business
    confidence 100%

  6. Continental Resources signs deal for Venezuela's Ayacucho 2 Block

    Continental Resources signed a memorandum of understanding with PDVSA to develop the 126,000-acre Ayacucho 2 Block in the Orinoco Belt. The site contains an estimated 30 billion barrels of oil resource in place. Led by Harold Hamm, the US energy producer is investing in one of the largest oil patches globally. While reserves are estimated, the success of the agreement depends on the company's ability to execute operations. The US energy secretary had previously signaled that a domestic producer would announce an investment in Venezuela.

    Why it matters

    This move follows a pattern of US energy firms seeking access to Venezuelan reserves. The investment occurs as the US government manages relations with the state oil company PDVSA.

    What is confirmed

    • Continental Resources signed a memorandum of understanding with PDVSA to operate the Ayacucho 2 Block.
    • The Ayacucho 2 Block covers 126,000 acres in the Orinoco Belt.
    • The site holds an estimated 30 billion barrels of oil resource in place.
    • Harold Hamm leads Continental Resources.

    Still unconfirmed

    • Chevron is first in line for deals, with ExxonMobil and a company led by a Trump adviser likely to follow.

    What to watch next

    • Official confirmation of ExxonMobil's entry into the Venezuelan market
    • Production start dates for the Ayacucho 2 Block
    Sources used for this update (2)
    1. www.motherjones.com — Trump’s Friends Are Already Signing Deals to Take Venezuela’s Oil
    2. www.financial-world.org — Continental targets 30 billion barrels in Venezuela oil agreement
    confidence 90%

  7. Continental Resources signs deal to develop Venezuela oil block

    Continental Resources signed a memorandum of understanding with Venezuela's state oil company PDVSA on Wednesday to operate and develop the Ayacucho 2 Block. Located in the Orinoco Belt, the 126,000-acre site holds an estimated 30 billion barrels of oil resource in place. The deal represents a significant investment by the US energy producer, led by Harold Hamm, into one of the world's largest oil patches. The US energy secretary previously indicated that a US producer would unveil an investment in the country.

    Why it matters

    The Orinoco Belt is one of the most resource-rich oil regions globally. This agreement marks a shift in operational engagement between a major US producer and the Venezuelan state oil entity.

    What is confirmed

    • Continental Resources signed a memorandum of understanding with PDVSA to operate and develop the Ayacucho 2 Block in the Orinoco Belt.
    • The Ayacucho 2 block covers 126,000 acres.
    • The Ayacucho 2 block is estimated to hold 30 billion barrels of oil resource in place.
    • Harold Hamm leads Continental Resources.

    What to watch next

    • Formalization of the preliminary memorandum into a binding contract
    • Announcement of specific investment totals and timelines
    • US government regulatory approval for the investment
    Sources used for this update (8)
    1. Fox Business — Continental Resources strikes Venezuela oil development deal
    2. cnbc.com — Continental Resources to develop massive oil patch in Venezuela
    3. WSJ — Harold Hamm’s Continental Resources Signs Preliminary Oil Deal in Venezuela
    4. Reuters — US energy producer to unveil Venezuela investment, energy secretary says
    5. Bloomberg.com — Harold Hamm’s Continental Set to Announce Venezuela Oil Deal
    6. oilprice.com — Continental Strikes Venezuela Oil Deal with PDVSA
    7. finance.yahoo.com — Continental Resources strikes Venezuela oil development deal
    8. www.worldoil.com — Continental Resources targets 30-Bbbl Venezuela oil block in PDVSA deal
    confidence 100%
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