Continental Resources announced Wednesday that it has signed a memorandum of understanding with Petróleos de Venezuela, SA (PDVSA) to explore and operate a significant crude oil patch in South America.
The agreement centers on the Ayacucho-2 block within the Orinoco Belt, a region renowned for its heavy crude deposits. According to a company statement, the tract covers 126,000 acres and holds an estimated 30 billion barrels of reserves.
Headquartered in Oklahoma City, Continental Resources ranks among the world’s largest privately held oil and natural gas producers. The partnership marks a notable move for the energy firm as it seeks to tap into one of the largest conventional oil concentrations globally.
This is a developing story. Updates will be provided as more information becomes available.
Finally, some good news for domestic energy independence efforts. Let’s see if this deal actually moves forward!
Orinoco Belt has huge potential but infrastructure is always a challenge. Curious if they have a clear extraction plan.
I wonder how the US government views this given current sanctions on Venezuela. Seems risky for a private company.
30 billion barrels? That is an insane amount of heavy crude. Hope the sanctions situation clears up soon.
Is anyone else worried about the ESG implications here? That’s a lot of fossil fuel investment in a sanctioned country.