Continental Resources Signs MOU with PDVSA for Venezuelan Oil Block

OKLAHOMA CITY, Sept. 16, 2026 /CourierPR/ -- Continental Resources, Inc., a leading private oil and natural gas producer, has signed a Memorandum of Understanding (MOU) with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt. The agreement, which follows the Trump Administration's call for American energy companies to support Venezuela's oil industry, represents a significant opportunity for Continental to expand its international portfolio.

Located north of the Orinoco River in Venezuela's Anzoátegui state, the Ayacucho 2 Block covers approximately 126,000 acres and is estimated to contain 30 billion barrels of resources. Upon execution of the Contrato de Participación Productiva (CPP) agreement, Continental will operate the block with a 100% working interest. This move is part of Continental's strategy to diversify its asset base and capitalize on global energy opportunities.

The signing of the MOU is seen as a response to Venezuela's revised hydrocarbon legal framework, which has opened up new avenues for foreign investment. Continental undertook an independent evaluation of opportunities in Venezuela, which led to the signing of the agreement. The company's expansion into the country builds on its existing international presence, including Argentina's Vaca Muerta shale formation and a joint platform in Turkey's Diyarbakır Basin.

Douglas Lawler, President and CEO of Continental Resources, expressed excitement about the potential of the Ayacucho 2 Block.

Harold Hamm, Founder and Chairman Emeritus of Continental Resources, added, "Continental was built to recognize great resource opportunities and have the conviction to pursue them. What this company is doing today builds on that foundation while taking Continental to an entirely new level."

The MOU with PDVSA marks a significant step for Continental in its international expansion. The company aims to bring significant private capital, technology, technical expertise, and large-scale operating capability to the redevelopment of Venezuela's oil industry. Continental plans to continue evaluating additional opportunities in Venezuela, the United States, and around the world.

The Ayacucho 2 Block is one of the most significant resource opportunities in Continental's nearly 60-year history, substantially expanding the company's long-term development inventory and adding another world-class asset to its portfolio. The agreement is expected to contribute significantly to Continental's growth trajectory, further solidifying its position as a global energy leader.