# 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.
- Title: Trump ally's oil company moves into Venezuela · CNBC
- Summary: Harold Hamm's Continental Resources signs deal to develop 30 billion barrels in Venezuela's Orinoco Belt. Continental Resources, owned by Trump donor Harold…
- Keywords: harold hamm, continental resources, venezuela, orinoco belt, oil development, trump administration, petróleos de venezuela, oil reserves, energy policy, u.s. oil companies, business, finance
- Source: CNBC — https://cnbc.com/2026/09/16/continental-resources-to-develop-massive-oil-patch-in-venezuela-.html
- Author: Spencer Kimball
- Published: 2026-09-16T16:59:00+00:00
- Read time: 1 min
- Topics: harold hamm, continental resources, venezuela, orinoco belt, oil development, trump administration, petróleos de venezuela, oil reserves, energy policy, u.s. oil companies, business, finance
## 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.
## Key takeaway

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.