The memorandum establishes a framework for negotiating a long-term contract expected to be finalized within weeks. Continental, one of the largest private oil and gas producers in the United States, said it began evaluating Venezuelan opportunities following the Trump administration’s call for American energy companies to participate in rebuilding the country’s petroleum industry. CEO Doug Lawler stated the company is prepared to contribute private capital, technology, technical expertise and large-scale operational capacity to Venezuela’s oil sector recovery.
The agreement reflects Venezuela’s accelerated opening to foreign investment after years of sanctions and production decline. The shift intensified under interim President Delcy Rodríguez, who has pursued normalized relations with Washington and foreign capital inflows since taking power in January 2026 following Nicolás Maduro’s capture by U.S. forces. A hydrocarbon law reform approved in late January removed rigid state control over petroleum operations and expanded access for international investors.
Continental’s entry follows Chevron’s expanded presence in Venezuela. In April, Chevron secured an agreement to increase production, followed by a September announcement of over $7 billion in investments targeting 600,000 barrels per day within five years. The Orinoco Belt contains the bulk of Venezuela’s oil resources, though the predominantly extra-heavy crude requires substantial investment, infrastructure and technical capability to extract and process economically.
Continental indicated it will continue evaluating additional investment opportunities in Venezuela beyond Ayacucho 2. The company’s commitment comes as other U.S. firms pursue Venezuelan energy and mining assets under Washington’s reconstruction framework for the South American OPEC member.
This article was curated and published as part of our South American energy market coverage.
