Key facts
- Continental Resources signed a preliminary deal with Venezuela's state-owned oil company.
- The agreement is for the development and production of oil.
- Harold Hamm is an ally of Donald Trump.
Harold Hamm's Continental Resources has entered into a preliminary agreement with Venezuela's state-owned oil company to develop and produce oil. The deal signifies a potential expansion for the US energy producer into the South American nation.
Hamm, a prominent figure in the US energy sector and an ally of President Donald Trump, has previously stated that oil producers require guarantees to invest in Venezuela. The specifics of the guarantees or the scale of the oil patch involved in this preliminary deal were not immediately disclosed.