Continental Resources, PDVSA sign MoU for potential Venezuela oil development
Continental Resources Inc., Oklahoma City, Okla., has signed a Memorandum of Understanding (MOU) with Petróleos de Venezuela SA (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela's Orinoco Oil Belt.
In a release Sept. 15, Continental said it has the opportunity “to bring significant private capital, technology, technical expertise, and large-scale operating capability to the redevelopment of Venezuela's oil industry.”
The Ayacucho 2 Block lies north of the Orinoco River in Anzoátegui state. The 126,000-acre block contains an estimated 30 billion bbl of resource in place, Continental said.
Upon signing a long-term Contrato de Participación Productiva (CPP) agreement—expected in the coming weeks—Continental would operate the block with a 100% working interest, it said in a release Sept. 16.
Continental Resources has been building its international presence in recent years, including in Türkiye's Diyarbakır Basin and Argentina's Vaca Muerta formation.
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Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.