Continental Resources to develop massive oil patch in Venezuela

Continental Resources to develop massive oil patch in Venezuela Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu (L/R) Harold Hamm, chairman of Continental Resources, shakes hands with PDVSA Executive Vice President Jovanny Martinez after signing an agreement during the third day of the G20 Ministerial Meeting on Energy Abundance in Houston, Texas on September 16, 2026. Ronaldo Schemidt | Afp | Getty Images Continental Resources on Wednesday signed a memorandum of understanding with Venezuela's state oil company to develop a massive crude patch in the South American nation. Continental will develop and operate an area of the Orinoco Belt that spans 126,000 acres and possesses an estimated 30 billion barrels of reserves, the company said in a statement . The resource-rich Orinoco Belt contains most of Venezuela's 303 billion barrels of reserves. Continental plans to advance the MOU into a long-term agreement with Petróleos de Venezuela S.A. in the coming weeks. Headquartered in Oklahoma City, Continental is one of the largest privately held oil and natural gas producers in the world. The deal comes eight months after the U.S. ousted Venezuela's former President Nicolas Maduro in a military raid. President Donald Trump has called for U.S. oil companies to help develop Venezuela's massive reserves since Maduro's overthrow, but most of the publicly traded oil majors are hesitant. This is a developing story. Please check back for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.