Continental Resources signs deal to develop Venezuela's Ayacucho 2 oil block

September 16, 2026 at 10:18 PM2 min

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Continental Resources Inc., led by billionaire Harold Hamm, reached a deal to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Belt. The block covers about 126,000 acres and holds an estimated 30 billion barrels of oil, the company said Wednesday. The agreement comes as the Trump administration pushes US companies to revive Venezuela's oil sector.

Key Facts

Continental Resources signed a memorandum of understanding with Venezuela's state oil company and plans to have a long-term agreement in place within weeks.
The Ayacucho 2 Block covers about 126,000 acres and holds an estimated 30 billion barrels of oil.
Chevron Corp., GE Vernova Inc., Eni SpA, Geopark Limited, and Aspect Holdings also recently signed agreements with Venezuela.
US Energy Secretary Chris Wright said the deals represent 'tens of billions' worth of investments and mark a 'transformation for Venezuela.'
The US government negotiated for a 35% stake in Alejandro Betancourt's North American Blue Energy Partners, which holds 100-year deals in 17 Venezuelan oil fields.

The Ayacucho 2 Deal

Continental Resources, based in Oklahoma City, will operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Belt. The block covers about 126,000 acres and holds an estimated 30 billion barrels of oil, according to the company. Continental signed a memorandum of understanding with Venezuela's state oil company and plans to have a long-term agreement in place within weeks. Harold Hamm, a significant donor to US President Donald Trump, is among the first to use horizontal drilling to unleash crude from shale rocks.

US Push for Venezuelan Oil

The agreement adds to a slate of deals in recent weeks aimed at boosting Venezuela's crude production. Chevron Corp., GE Vernova Inc., and Eni SpA recently announced agreements alongside US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodríguez at a signing ceremony in Caracas. Other companies that signed deals include Geopark Limited and privately held Aspect Holdings. Wright said the deals represent 'tens of billions' worth of investments that marked a 'transformation for Venezuela.' Some analysts have questioned the durability of the deals given lingering concerns about contract sanctity in a nation with a history of nationalization.

Investment and Production Outlook

Restoring daily Venezuelan oil output to the 3 million-barrel-a-day mark not seen in roughly 15 years will require major injections of foreign cash. Dan Pickering, chief investment officer at Pickering Energy Partners, said it is not yet clear if overseas drillers can succeed in Venezuela. The US government negotiated for a 35% stake in Venezuelan entrepreneur Alejandro Betancourt's North American Blue Energy Partners. That privately held company was granted 100-year deals in 17 Venezuelan oil fields. Betancourt is a contentious figure in Venezuela, but the Trump administration has defended its decision to partner with the investor.