Continental Resources, Pdvsa sign MoU to operate Ayacucho 2 block in Orinoco Belt

Continental Resources and Venezuela's state oil company Pdvsa signed a memorandum to jointly operate the Ayacucho 2 block in the Orinoco Belt, aiming to integrate private capital and technology to revive production. The deal signals a potential opening of Venezuela's oil sector to US private investment, though details on terms and scope remain unclear. This could incrementally boost Venezuela's crude output and affect global heavy crude supply dynamics.