Continental Resources and PDVSA Sign Agreement for 126,000-Acre Oil Field in Venezuela

US-based Continental Resources signed a memorandum of understanding with Venezuela's state oil company PDVSA for the development of a field located in the Orinoco Belt. The agreement covers the development and operation of a 126,000-acre area. The estimated oil reserve in the region was announced to be 30 billion barrels. This reserve amount highlights the potential size of the field. The memorandum of understanding is considered the first step of cooperation between the two companies. Additional negotiations are expected to be held in the coming period to finalize the agreement. Venezuela is known as one of the countries with the largest oil reserves in the world. The Orinoco Belt is one of the country's most important oil production regions. Not investment advice.