From CNBC · Spencer Kimball · · 1m 30s
Trump ally's oil company moves into Venezuela
Harold Hamm's Continental Resources signs deal to develop 30 billion barrels in Venezuela's Orinoco Belt.
In brief
Harold Hamm's Continental Resources signs deal to develop 30 billion barrels in Venezuela's Orinoco Belt. Continental Resources, owned by Trump donor Harold Hamm, is developing a massive Venezuelan oil field as the Trump administration pushes U.S. energy companies to invest in the country. Originally reported by CNBC.
Continental signs Venezuela oil deal
Harold Hamm's Continental Resources signed a memorandum of understanding to develop 126,000 acres in Venezuela's Orinoco Belt, which holds an estimated 30 billion barrels of crude.
Hamm is a major Trump donor
Continental founder Harold Hamm donated more than one million dollars to the Make America Great Again political action committee between 2023 and 2024.
Trump pushed companies to invest
President Trump called for U.S. oil companies to help develop Venezuela's reserves after his administration ousted former President Nicolás Maduro in a military raid eight months ago.
Venezuela reformed its oil laws
Venezuela's reform of its oil industry regulations helped Continental decide to invest, the company said in its statement about the deal.
Other deals are accelerating too
Trump said the U.S. secured majority control over 65 billion barrels of Venezuelan crude, while Chevron plans a seven billion dollar investment to double its production by 2031.
Orinoco Belt holds vast reserves
The Orinoco Belt contains most of Venezuela's 303 billion barrels of proven reserves, making it one of the world's largest crude deposits.
What to remember
Continental Resources, owned by Trump donor Harold Hamm, is developing a massive Venezuelan oil field as the Trump administration pushes U.S. energy companies to invest in the country.
