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.
