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Continental Resources signs MoU with PDVSA to develop major Venezuelan oil block
oilprice.com · September 16, 2026 · Week 2026-38
Summary
US independent Continental Resources has signed an MoU with Venezuela's PDVSA to develop the Ayacucho 2 Block, a massive resource opportunity. The deal follows a significant US policy shift encouraging American investment to rebuild Venezuela's sanctioned oil industry, and comes alongside a $7 billion commitment from Chevron to boost its own Venezuelan output.
Strategic Implication
The potential return of Venezuelan production, enabled by a US policy reversal and IOC investment, could significantly alter global supply dynamics and challenge OPEC+ market management.