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Continental Resources signed a memorandum of understanding with Petróleos de Venezuela (PDVSA) on September 16 to operate and develop the Ayacucho 2 Block in Venezuela’s Orinoco Belt, marking the Oklahoma independent’s first move into the country and adding another U.S. operator to a rapidly expanding slate of post-sanctions oil deals.
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Exploration & Production

Continental Resources signed a memorandum of understanding with Petróleos de Venezuela (PDVSA) on September 16 to operate and develop the Ayacucho 2 Block in Venezuela’s Orinoco Belt, marking the Oklahoma independent’s first move into the country and adding another U.S. operator to a rapidly expanding slate of post-sanctions oil deals.

September 16, 2026 Clark Savage

The MOU is not a final development contract. Continental and PDVSA said they intend to convert it into a long-term Contrato de Participación Productiva (CPP) in the coming weeks. Once that agreement is signed, Continental would operate the block with a 100% working interest. The announcement was made in Houston during the G20 energy ministers […]

Why Alaska Matters, Energy Independence, Critical Minerals, and National Security

September 15, 2026September 15, 2026 Clark Savage

Bernadette Wilson, Alaska Republican for Governor, stops by the Energy News Beat Podcast. Alaska is not a remote afterthought. It is one of the United States’ most strategically important resource bases for energy security, defense-critical minerals, and food supply. For two decades, its oil output declined as legacy North Slope fields matured and new projects […]

Chevron’s CEO Says The Oil Buffers Are Gone

September 12, 2026September 12, 2026 Clark Savage

Chevron Chairman and CEO Mike Wirth delivered a blunt message in Austin on Friday: the shock absorbers that kept oil from exploding earlier in the Iran war are finished. Strategic stockpile releases and the U.S. decision to loosen rules on sanctioned crude sitting in floating storage have been “played out.” From here, he said, it […]