OKLAHOMA CITY / HOUSTON — Continental Resources on Wednesday, Sept. 16, 2026, signed a memorandum of understanding with Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 block in the Orinoco Oil Belt, the company said in a PR Newswire release corroborated by Reuters, CNBC, and World Oil.

Ayacucho 2 sits north of the Orinoco River in Anzoátegui state and covers about 126,000 acres with an estimated 30 billion barrels of resource in place, Continental said. The parties intend to advance a long-term Contrato de Participación Productiva (CPP) in the coming weeks; upon CPP execution, Continental would operate the block with a 100% working interest. The MOU is an initial step, not the final development contract.

Continental said the move follows the Trump administration’s call for American energy companies to help rebuild Venezuela’s oil industry, plus Venezuela’s revised hydrocarbon legal framework. Founder and Chairman Emeritus Harold Hamm — a longtime Trump supporter and donor, CNBC noted — said the company was “built to recognize great resource opportunities and have the conviction to pursue them,” adding that the deal takes Continental “to an entirely new level.” President and CEO Doug Lawler called Ayacucho 2 “an extraordinary addition to our portfolio” that will “contribute significantly to Continental’s growth trajectory” and said the firm is “excited to participate in the revitalization of Venezuela’s energy industry.”

The privately held Oklahoma City producer said Ayacucho 2 is among the most significant resource opportunities in its nearly 60-year history and builds on an international footprint that already includes Argentina’s Vaca Muerta. CNBC reported the announcement comes amid a broader push for U.S. and foreign investment in Venezuelan crude after the Trump administration’s Venezuela policy shift; publicly traded majors have largely stayed cautious while Continental moved first among large U.S. independents. A state oil company partnership directed by a government rebuild agenda is still a political bet dressed as geology — Continental is putting private capital and operating expertise on the table before the CPP is inked.

Dated Wednesday, Sept. 16, 2026: Continental–PDVSA MOU on Ayacucho 2 (~126,000 acres / ~30 Bbbl resource in place); CPP intended in coming weeks; Continental would operate at 100% working interest.

Sources