The Financial Times reports U.S. oil magnate Harold Hamm plans to invest in Venezuela. Continental Resources has signed a memorandum of understanding with state oil company PDVSA to jointly develop a heavy-oil field in the Orinoco belt, Hamm said at a G20 energy ministers meeting in Houston. Hamm said the project could catalyze Venezuela’s energy revival and potentially restore — or exceed — prior peak output. The deal is the latest contract between Western oil producers and Venezuela. The repor

The Financial Times reports U.S. oil magnate Harold Hamm plans to invest in Venezuela. Continental Resources has signed a memorandum of understanding with state oil company PDVSA to jointly develop a heavy-oil field in the Orinoco belt, Hamm said at a G20 energy ministers meeting in Houston. Hamm said the project could catalyze Venezuela’s energy revival and potentially restore — or exceed — prior peak output. The deal is the latest contract between Western oil producers and Venezuela. The report adds Washington has increased control over Venezuela’s natural resources since U.S. military forces detained Maduro in January.