Continental Resources Signs Preliminary Deal to Develop Venezuelan Oil Field at G20 Energy Summit

Harold Hamm's Continental Resources, the Oklahoma City-based independent oil company led by one of President Trump's closest allies in the energy industry, signed a preliminary deal to explore and develop an undeveloped oil field in Venezuela. The announcement was made at the G20 energy ministers summit in Houston on September 16, fitting a broader Trump administration push to get US companies to revive Venezuela's oil sector.

The deal marks a significant step in the rapid rapprochement between Washington and Caracas, with Venezuela having deployed officials to the Houston summit specifically to facilitate new energy agreements with American firms. Continental, taken private by Hamm and his family in November 2022, has been expanding internationally in recent months, having also struck deals in Argentina's Vaca Muerta shale basin. The Venezuela agreement is described as a preliminary exploration arrangement targeting one of the country's undeveloped oil fields, with further details to be disclosed.