ALBAWABA - Continental Resources, a U.S. oil and gas company, signed a memorandum of understanding on Wednesday with Venezuelan state oil company to develop 126,000 acres with an estimated 30 billion barrels of reserves.
Continental was founded by Harold Hamm who is a Trump supporter and donor, and has made more than $1 million in donations to the PAC Make America Great Again from 2023 to 2024, according to data from the nonpartisan OpenSecrets.
It seems that the donations have paid off, as Hamm’s company is now responsible for developing the resource-rich Orinoco Belt, land that contains most of Venezuela’s 303 billion barrels of reserves.
Billionaire shale pioneer Harold Hamm’s Continental Resources reached a deal for an oil field in Venezuela as the Trump administration pushes US companies to revive the nation’s oil sector. https://t.co/3XFAXXaDd8
The deal signed between Continental and Petróleos de Venezuela comes just eight months after the ousting of Venezuelan former president Nicolas Maduro in a U.S. military raid; subsequently, the U.S. had secured control over more than 65 billion barrels of Venezuela’s crude reserves.
To develop the reserves, the new Venezuelan government granted concessions to an obscure private oil company, North American Blue Energy Partners, which in turn, has granted the U.S. government a 35% ownership stake along with a guaranteed supply of its crude production.
Alongside NABEP, Chevron revealed plans through a $7 billion investment to more than double its production in Venezuela by 2031.
Pshemaf Choiaqo is a digital marketer with a passion for media, style, and presentation.
He enjoys researching unorthodox and nonconventional subjects almost as much as he enjoys writing about them.
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