Trump Ally Invests in Venezuela

The update

Continental Resources, founded by Trump supporter and donor Harold Hamm, has signed a memorandum of understanding with Venezuela’s state oil company to develop a significant portion of the Orinoco Belt. The area spans 126,000 acres with an estimated 30 billion barrels of reserves. Continental plans to advance this into a long-term agreement in the coming weeks.

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Why it matters

This move represents a notable shift in Western oil companies’ approach to Venezuela, particularly following political changes in the country. The investment comes after President Trump called for U.S. energy companies to develop Venezuela’s oil reserves, though most publicly traded oil majors have remained hesitant. Continental’s decision could signal changing dynamics in the region’s energy landscape.

What to watch

Whether other Western oil companies follow Continental’s lead into Venezuela, how this impacts U.S.-Venezuela relations, and what regulatory hurdles might emerge for Western firms operating in the region. The timeline for converting the memorandum into a binding agreement will also be closely monitored.

Sources

• ft.com — Context about Western oil producers entering Venezuela
• cnbc.com — Details about Continental Resources' investment in Venezuela's Orinoco Belt

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