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, according to a company statement.

The block is located north of the Orinoco River in Venezuela's Anzoátegui state and encompasses approximately 126,000 acres, with an estimated 30 billion barrels of resource in place. Upon execution of a planned long-term Contrato de Participación Productiva agreement, Continental will operate the block with a 100% working interest. The two parties intend to finalize that agreement in the coming weeks.

Continental said it undertook an independent evaluation of opportunities in Venezuela following the Trump administration's call for American energy companies to help rebuild the country's oil industry. The company cited Venezuela's revised hydrocarbon legal framework as part of the basis for pursuing the opportunity.

"We are excited to participate in the revitalization of Venezuela's energy industry, bringing further economic strength to Venezuela and its people as well as global energy markets," said Doug Lawler, President and Chief Executive Officer of Continental Resources.

Harold Hamm, Founder and Chairman Emeritus, also commented: "Continental was built to recognize great resource opportunities and have the conviction to pursue them."

Continental's existing international portfolio includes operations in Argentina's Vaca Muerta formation. The company said it will continue to evaluate additional opportunities in Venezuela, the United States, and internationally.