Continental Resources signs Venezuela oil development deal

Investing.com -- Continental Resources signed a memorandum of understanding today with Venezuela's state oil company Petróleos de Venezuela S.A. to develop a section of the Orinoco Belt.

The Oklahoma City-based company will develop and operate 126,000 acres in the oil-rich region, which holds an estimated 30 billion barrels of reserves, according to a company statement.

The Orinoco Belt contains most of Venezuela's 303 billion barrels of oil reserves.

Continental Resources said it plans to convert the memorandum of understanding into a long-term agreement with the Venezuelan state oil company in the coming weeks.

Continental Resources is one of the largest privately held oil and natural gas producers globally.

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