Continental Resources signs MOU with PDVSA to develop Orinoco heavy-oil block

Continental Resources signed an MOU with Venezuela's PDVSA to operate the Ayacucho 2 Block in the Orinoco Belt, with 30 billion barrels in place. A long-term production contract is expected within weeks, giving Continental 100% working interest. This marks a significant US corporate entry into Venezuela's oil sector amid ongoing sanctions, signaling potential easing of restrictions and increased foreign investment in Venezuelan heavy oil.