Continental Strikes Venezuela Oil Deal with PDVSA

AI Summary

Continental Resources and Venezuela's PDVSA have signed a memorandum of understanding to operate and develop the Ayacucho 2 Block in the Orinoco Belt, aiming to advance a significant long-term production agreement.

Continental Resources signed a memorandum of understanding with Venezuela's state oil company PDVSA on Wednesday to operate and develop the Ayacucho 2 Block in the Orinoco Belt, the company announced, with an estimated 30 billion barrels of resource in place across roughly 126,000 acres in Anzoátegui state.  The two sides intend to advance a long-term Contrato de Participación Productiva agreement in the coming weeks; once it's signed, Continental will operate the block with a 100% working interest. The deal is one in a flurry…