The project represents a potential turning point for the company, targeting an estimated 30 billion barrels of resources located in Venezuela's Anzoátegui state. Continental intends to finalize a long-term production contract in the coming weeks, positioning itself as the sole operator of the block. This move follows a direct push by the Trump administration for U.S. energy firms to assist in rebuilding Venezuela's deteriorating oil infrastructure.
Continental Resources Targets Venezuela's Ayacucho 2 Oil Block
Continental Resources has signed a memorandum of understanding with state-owned Petróleos de Venezuela, S.A. to develop the Ayacucho 2 Block, a massive 126,000-acre field in the Orinoco Belt. The deal marks a strategic expansion for the Oklahoma-based firm, which plans to secure a full working interest in the region.
Doug Lawler, President and CEO of Continental, stated that the company expects the asset to become a cornerstone of its growth strategy. Founder Harold Hamm described the venture as a significant evolution for the privately held producer, which already maintains operations in Argentina's Vaca Muerta and across major U.S. basins. By deploying its proprietary technology and private capital, Continental aims to stabilize and ramp up production in one of the world's most resource-rich regions.
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