Continental Resources to Develop Massive Oil Patch in Venezuela
Continental Resources has signed a memorandum of understanding with Petróleos de Venezuela S.A., Venezuela's state oil company, to develop and operate an extensive crude patch in the Orinoco Belt. The area spans approximately 126,000 acres and is estimated to hold around 30 billion barrels of reserves. Continental plans to move forward with formalizing a long-term agreement with PDVSA soon. Continental Resources, based in Oklahoma City, is one of the largest privately held oil and natural gas producers globally. The development marks a significant expansion into South America for the company and could enhance its production capacity substantially if realized fully.
Topics: Continental Resources oil partnership PDVSA Venezuela