Continental Resources has signed a Memorandum of Understanding with Petróleos de Venezuela, S.A. (PDVSA) to operate and develop the Ayacucho 2 Block in Venezuela’s Orinoco Oil Belt. The block, located north of the Orinoco River in Anzoátegui state, covers approximately 126,000 acres and has an estimated 30 billion barrels of resource in place. The parties intend to advance a long-term Contrato de Participación Productiva (CPP) in the coming weeks. If the CPP is executed, Continental will operate the block with a 100% working interest. The move follows the Trump Administration’s call for U.S. energy companies to help rebuild Venezuela’s oil industry and Continental’s independent review of opportunities under Venezuela’s revised hydrocarbon legal framework. The company said the project expands its development inventory and international portfolio, which includes Argentina’s Vaca Muerta, while it continues evaluating other opportunities in Venezuela, the United States and elsewhere.