Continental Resources signed a memorandum with PDVSA to develop one of Venezuela's major oil blocks

On Wednesday, the U.S. oil company Continental Resources signed a memorandum of understanding with Venezuela's state-owned oil corporation, Petróleos de Venezuela (PDVSA).

The agreement is aimed at advancing the development and operation of the Ayacucho 2 oil block, which is located within the Orinoco Oil Belt in Venezuela.