Continental Resources Signs Memorandum of Understanding with PDVSA to Develop Venezuela’s Ayacucho 2 Block
Today, Continental Resources announced the signing of a Memorandum of Understanding with PDVSA Petróleos de Venezuela S.A. to operate and develop the Ayacucho 2 Block in Venezuela’s Orinoco Oil Belt. Encompassing approximately 126,000 acres with an estimated 30 billion barrels of resource in place, Ayacucho 2 represents one of the most significant resource opportunities in Continental’s nearly 60-year history.
Doug Lawler, President and Chief Executive Officer of Continental Resources, stated:
“We are excited to participate in the revitalization of Venezuela’s energy industry, bringing further economic strength to Venezuela and its people as well as global energy markets. Ayacucho 2 is an extraordinary addition to our portfolio and will contribute significantly to Continental’s growth trajectory.”
Harold Hamm, Founder and Chairman Emeritus of Continental Resources, added:
“Continental was built to recognize great resource opportunities and have the conviction to pursue them. What this company is doing today builds on that foundation while taking Continental to an entirely new level.”
The Ayacucho 2 Block stands as a major addition to Continental’s portfolio and aligns with the company’s continuing strategy to unlock value from impactful resource opportunities. The development of this block is expected to not only enhance Continental’s position in the global energy market but also contribute to Venezuela’s economic revitalization.
The partnership underscores Continental Resources’ commitment to meaningful growth, responsible resource development, and offering innovative contributions to the international energy sector.
Team V.4-LKDN-UAE
