Continental Resources prepares Venezuela oil investment deal
Continental Resources is expected to announce an oil investment deal in Venezuela as the US pushes energy companies to revive the nation's sector.
Continental Resources Inc., the American oil producer founded by billionaire Harold Hamm, is preparing to announce an investment deal in Venezuela, according to a person familiar with the matter. The potential agreement comes as the Trump administration encourages United States energy firms to assist in rebuilding the South American nation's petroleum industry. If finalized, the deal would mark a significant move by a major US shale producer into Venezuela's vast crude reserves, following years of severe underinvestment and sanctions that severely constrained local output. Details regarding the specific terms and financial scale of Continental's planned operations remain unconfirmed.
Sources: Bloomberg.