Continental Resources Signs MOU With PDVSA for Orinoco Belt

Continental Resources is entering Venezuela's energy sector, signing an initial agreement with state oil company PDVSA to explore and develop the Ayacucho 2 area in the Orinoco Belt. The partnership forms part of a broader U.S.-backed push to restore foreign capital and technical expertise to the country's oil infrastructure.

"Our team likes challenges," said Harold Hamm, founder of Continental Resources, during a press conference regarding the agreement. "When you consider what’s there in the source rock and the tremendous potential, it’s worth all the effort that our expertise can bring. We know this is a great opportunity."

Under the memorandum of understanding signed by executives from the Oklahoma-based producer and PDVSA, Continental plans to retain a 100% working interest in the greenfield project. According to Chief Executive Doug Lawler, first output from the development could begin in as little as 18 months.

Energy Secretary Previews Investment

Plans for the venture were signaled ahead of the formal rollout by U.S. Energy Secretary Chris Wright. In an appearance on Fox News cited by Investing.com, Wright confirmed that a U.S. oil and gas producer would unveil a major investment into Venezuela.

The initiative represents a shift in U.S. policy toward Venezuelan resource extraction, pairing Washington's diplomatic backing with private corporate capital. The Orinoco Belt holds some of the world's largest heavy crude reserves, though decades of underinvestment and sanctions have severely degraded production capacity.

Broader Resource Deals in El Callao

Alongside the energy agreement, foreign capital is returning to Venezuela's mining sector. New York-headquartered Heeney Capital reached a 30-year deal partnering with Mercuria Energy to operate and export from the Choco gold mine located in El Callao.

The gold mining venture carries an initial investment estimated at up to $1 billion. Together with Continental's entry into the Orinoco Belt, the transactions illustrate a coordinated return of North American operators into key Venezuelan commodity sectors under newly established bilateral frameworks.