Continental to disclose details of Venezuela oil deal
Harold Hamm's company plans to reveal terms of a Venezuela oil arrangement after Washington eased sanctions rules on the country.
Published · Updated
UpdateWednesday, September 16, 2026 at 5:05 PM ET
Exxon Mobil is nearing a preliminary deal to invest in Venezuela's oil fields, according to the Wall Street Journal. A memorandum of understanding with state oil company PDVSA could be signed as soon as this month. The talks add Exxon to the list of companies moving into Venezuela alongside Chevron, Eni and Continental Resources.
Continental Resources, controlled by Harold Hamm, plans to disclose details of an oil deal in Venezuela. The company has not yet released the scale or terms of the arrangement.
The announcement follows an amended license from the US Treasury's Office of Foreign Assets Control that changes what companies are permitted to do in Venezuela. The same amendment also dropped separate sanctions designations tied to Russia and to counter-narcotics enforcement.
Energy Secretary Chris Wright said a US oil company was set to discuss investment in Venezuela on the day the amended license was reported.
Continental's move adds another operator to the Venezuela oil push already underway with Chevron and Eni. It reinforces the administration's strategy of raising Venezuelan output as a supply buffer against disruptions in the Middle East and tensions with Iran. The step is consistent with momentum already in place rather than a shift in direction, and it leaves the market's Venezuela oil narrative on track without adding new information on timing or volume.