Trump Ally Harold Hamm Strikes Venezuela Oil Deal

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Published: 2026-09-16T17:38:44.090Z • Permanent link

Harold Hamm, a longtime ally of Donald Trump, has struck a preliminary deal with Venezuela's state-owned oil company, Petróleos de Venezuela S.A. (PDVSA), to develop and produce oil. Hamm's company, Continental Resources, will invest in PDVSA's Orinoco Belt, a region in eastern Venezuela known for its vast oil reserves. The agreement is seen as a significant development in Venezuela's efforts to boost its oil production and revenue.

PDVSA, which has struggled to maintain production levels due to the country's economic crisis and international sanctions, has been seeking to attract foreign investment to help revitalize its oil industry. Hamm's involvement in the deal is notable, given his close ties to the Trump administration. In 2017, Trump imposed sanctions on PDVSA, which led to a significant decline in the company's oil production. However, Trump later lifted some of the sanctions, paving the way for Hamm's investment.

The deal is also significant because it reflects the growing interest of private companies in Venezuela's oil sector. Other companies, such as ExxonMobil and Chevron, have also expressed interest in investing in PDVSA's oil fields. The agreement is likely to be closely watched by investors and analysts, who will be assessing the potential risks and rewards of Hamm's involvement in the Venezuelan oil industry.

Hamm's deal with PDVSA has significant implications for the global energy market. The Orinoco Belt is one of the most promising oil-producing regions in the world, with an estimated 300 billion barrels of crude oil. If Hamm's investment is successful, it could help boost Venezuela's oil production and revenue, which could have a positive impact on the global economy.

The deal also has implications for the research community, which has been studying the potential of PDVSA's oil fields. Researchers at institutions such as the University of Texas and the University of California, Berkeley, have been analyzing the geology and potential of the Orinoco Belt. Hamm's investment could provide valuable insights into the region's oil potential and help inform future research.

The deal between Hamm and PDVSA reflects a broader pattern of private companies seeking to invest in Venezuela's oil sector. In recent years, several countries in the region, including Ecuador and Guyana, have seen significant increases in oil production, driven by investments from private companies. This trend is likely to continue, as countries seek to capitalize on the growing demand for oil and other energy resources.