US-based Continental Resources has signed a memorandum of understanding (MoU) with Venezuela’s national oil company PDVSA to operate and develop the Ayacucho 2 block in the Orinoco Oil Belt (Continental Resources press release, 16/09/2026).
The companies intend to conclude a long-term productive participation contract (Contrato de Participación Productiva, CPP) in the coming weeks. Upon its execution, Continental expects to operate the block with a 100% working interest, following an independent assessment of opportunities under Venezuela’s revised hydrocarbon framework.
Located north of the Orinoco River in Anzoátegui state, Ayacucho 2 covers around 126,000 acres (510 km2) and contains an estimated 30 Gbl of resources in place. Continental described the block as one of the largest resource opportunities in its nearly 60-year history.
The company plans to provide private capital, technology, technical expertise and large-scale operating capabilities to support the redevelopment of Venezuela’s oil industry. The transaction expands Continental’s international portfolio, which also includes Argentina’s Vaca Muerta formation and Türkiye’s Diyarbakır Basin.