#Venezuela #Continental Resources #PDVSA #Ayacucho 2 #Anzoátegui

Continental Resources Partners with PDVSA for Ayacucho 2 Development

Oklahoma City, September 16, 2026 — Continental Resources, Inc. has announced an important Memorandum of Understanding (MOU) with Petróleos de Venezuela, S.A. (PDVSA) to manage and develop the Ayacucho 2 Block situated in Venezuela's Orinoco Oil Belt, recognized globally as a premier oil-producing area. This partnership marks a pivotal step, with plans for a more detailed Contrato de Participación Productiva (CPP) to be formulated soon.

This agreement comes in light of the Trump Administration's encouragement for American energy firms to aid in the revitalization of Venezuela's oil industry. In response, Continental Resources conducted a thorough investigation of potential opportunities within Venezuela. The findings of this evaluation, paired with recent amendments to Venezuela's hydrocarbon legal framework, set the stage for this significant collaboration.

The Ayacucho 2 Block, covering approximately 126,000 acres located north of the Orinoco River in Anzoátegui state, is estimated to hold around 30 billion barrels of recoverable oil. Upon activation of the CPP, Continental Resources will manage the operation of this block and maintain a 100% working interest, significantly contributing to the company's growth.

This opportunity stands as one of the largest in Continental’s nearly six-decade history, tremendously enhancing its long-term developmental inventory and enforcing its international presence. The company’s foray into Venezuela adds to its impressive portfolio, which is anchored by strong American assets and continues to expand significantly, including notable operations in Argentina.

Doug Lawler, President and CEO of Continental Resources, expressed enthusiasm for contributing to the resurgence of Venezuela's energy sector, highlighting the economic prosperity this could bring to the nation and global energy markets. Lawler stated, “Ayacucho 2 is an extraordinary addition to our portfolio and will significantly contribute to Continental's growth trajectory.”

Harold Hamm, the founder and Chairman Emeritus of the company, voiced pride in the venture, emphasizing how this move builds upon a long-standing foundation of recognizing and seizing resource opportunities.

The MOU serves as a platform for Continental to inject substantial private investment, advanced technology, technical know-how, and robust operational capacity into revitalizing Venezuela's oil sector. The company has plans to explore further prospects within Venezuela, across the United States, and globally.

About Continental Resources

Based in Oklahoma City, Continental Resources, Inc. stands as the largest privately-owned oil and natural gas producer in the world. The company has established a legacy of innovation in unconventional resource development, poised to drive the next chapter of energy evolution globally.

Continental’s resource strategy is anchored by four primary American assets: significant operations in the Bakken formation across North Dakota, South Dakota, and Montana, along with the Anadarko Basin in Oklahoma, and considerable high-quality positions in Wyoming's Powder River Basin and Texas’s Permian Basin. Additionally, the company is creating an impressive international portfolio, which now features Argentina’s Vaca Muerta shale and joint initiatives to develop unconventional resources in Turkey’s Diyarbakır Basin.

This partnership with PDVSA is a significant milestone for Continental Resources, further establishing the company’s role in contributing to global energy markets and addressing the growing demand for oil and natural gas resources. The continued expansion into Venezuela's rich oil fields marks a pivotal move in the company's trajectory toward sustainable growth and resource development around the world.