Continental Resources, the Oklahoma-based oil company founded by billionaire Harold Hamm, has signed a memorandum of understanding with Venezuela's state-owned oil company to develop and operate a major crude-producing region in the country's resource-rich Orinoco Belt.
The agreement allows Continental to develop the Ayacucho-2 block, an area spanning approximately 126,000 acres that contains an estimated 30 billion barrels of oil reserves, according to the company.
