Trump donor Harold Hamm's Continental Resources to develop oil region in Venezuela
Continental said it undertook an "independent evaluation of opportunities" in Venezuela after President Donald Trump called for the industry to invest.
TL;DR
- Continental Resources signed an MOU with Venezuela's state oil company to develop the Orinoco Belt.
- The region spans 126,000 acres and holds an estimated 30 billion barrels of reserves.
- Continental founder Harold Hamm is a supporter and donor to President Donald Trump.
- The deal follows Trump's call for U.S. oil companies to invest in Venezuela.
- Venezuela's oil industry reforms influenced Continental's decision.
- Other companies like Chevron are also increasing their investment and production in Venezuela.