Oklahoma City – September 18, 2026 -- Continental Resources, Inc. has signed a Memorandum of Understanding with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt, a region holding an estimated 30 billion barrels of resource in place.
Continental targets 126,000-acre block with 100% operating control
The Ayacucho 2 Block sits north of the Orinoco River in Anzoátegui state. Upon execution of a long-term Contrato de Participación Productiva (CPP) agreement, expected in the coming weeks, Continental will hold a 100% working interest and operate the block directly.
Deal follows Trump Administration push to rebuild Venezuela's oil sector
Continental undertook an independent evaluation of Venezuelan opportunities after the Trump Administration called on American energy companies to help rebuild the country's oil industry. The company said Venezuela's revised hydrocarbon legal framework opened a viable path to pursue the deal.
Company calls Ayacucho 2 one of its most significant assets in nearly 60 years
Continental President and CEO Doug Lawler said the block will contribute significantly to the company's growth trajectory, adding that the deal supports economic strength for Venezuela and global energy markets. The addition builds on Continental's existing international footprint, which includes Argentina's Vaca Muerta shale formation and a joint unconventional resource platform in Turkey's Diyarbakır Basin.
Continental expands beyond core U.S. asset base of Bakken and Permian
The company's domestic portfolio anchors production in the Bakken formation across North Dakota, South Dakota and Montana, the Anadarko Basin in Oklahoma, Wyoming's Powder River Basin, and the Permian Basin in Texas. Continental said it will continue evaluating further opportunities in Venezuela, the United States and internationally.