Trump Ally Harold Hamm Strikes Venezuela Oil Deal
Continental Resources, led by Trump ally and donor Harold Hamm, has signed a memorandum of understanding with Petróleos de Venezuela, S.A., known as PDVSA. The preliminary agreement aims to operate and develop the Ayacucho 2 block situated within Venezuela's Orinoco Belt. United States energy officials confirmed that an American energy producer was set to unveil the investment. The move is part of accelerating commercial activity by United States firms in the South American country's energy sector.
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- ✓ Continental Resources signed a memorandum of understanding with Petróleos de Venezuela, S.A. to operate and develop the Ayacucho 2 block in Venezuela's Orinoco Belt.
- ✓ Harold Hamm is the head of Continental Resources and a Trump ally and donor.
What changed
Continental Resources formally signed a memorandum of understanding with PDVSA to develop the Ayacucho 2 block.
Live updates
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Continental Resources Strikes Preliminary Venezuela Oil Deal
Continental Resources, led by Trump ally and donor Harold Hamm, has signed a memorandum of understanding with Petróleos de Venezuela, S.A., known as PDVSA. The preliminary agreement aims to operate and develop the Ayacucho 2 block situated within Venezuela's Orinoco Belt. United States energy officials confirmed that an American energy producer was set to unveil the investment. The move is part of accelerating commercial activity by United States firms in the South American country's energy sector.
Why it matters
The preliminary agreement reflects a major shift as American energy producers re-enter the Venezuelan market under shifting political dynamics. Continental Resources is taking a primary role through its accord with the state-owned oil company. Meanwhile, other industry players like Exxon are advancing separate talks to return to the region.
What is confirmed
- Continental Resources signed a memorandum of understanding with Petróleos de Venezuela, S.A. to operate and develop the Ayacucho 2 block in Venezuela's Orinoco Belt.
- Harold Hamm is the head of Continental Resources and a Trump ally and donor.
Still unconfirmed
- Exxon is nearing a preliminary deal to invest in Venezuela's oil fields and advance talks to return to the Orinoco Belt.
What to watch next
- Finalization of the preliminary agreement between Continental Resources and PDVSA.
- Progress on potential oil field deals involving Exxon and other United States energy producers.
confidence 100%Sources used for this update (12)
- cnbc.com — Continental Resources to develop massive oil patch in Venezuela
- WSJ — Harold Hamm’s Continental Resources Signs Preliminary Oil Deal in Venezuela
- Reuters — US energy producer to unveil Venezuela investment, energy secretary says
- Bloomberg.com — Harold Hamm’s Continental Set to Announce Venezuela Oil Deal
- The New York Times — Trump Ally Harold Hamm Strikes Venezuela Oil Deal
- PR Newswire — Continental Resources Signs Memorandum of Understanding with Petróleos de Venezuela, S.A. (PDVSA) to Operate and Develop the Ayacucho 2 Block in Venezuela's Orinoco Belt
- wsj.com — Exclusive | Exxon Is Nearing a Preliminary Deal to Invest in Venezuela’s Oil Fields
- Bloomberg.com — Exxon Is in Talks to Return to Venezuela as US Deals Accelerate
- The Hill — Trump donor Harold Hamm’s oil company announces Venezuela deal
- Reuters — Exxon advances talks to return to Venezuela's Orinoco Belt, sources say
- Mother Jones — Trump’s Friends Are Already Signing Deals to Take Venezuela’s Oil
- Financial Times — Trump oil ally Harold Hamm to invest in Venezuela
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