Continental Resources and PDVSA Sign Agreement for Ayacucho 2 Oil Block
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- Developments
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- Repetition
- 0%
New informationRepeats or wire copies
What happened
Continental Resources signed an Understanding Memorandum with Petróleos de Venezuela (PDVSA) to operate and develop the Ayacucho 2 Block in the Orinoco Oil Strip. The agreement was signed during the G20 energy conference. PDVSA stated the deal is aimed at boosting technical and financial capabilities for hydrocarbon production.
From arkansasonline.com, rnv.gob.ve
Why it matters
The agreement allows Continental Resources to operate in Venezuela to develop crude resources. Venezuelan authorities are prioritizing energy and mining to attract fresh capital for projects intended to increase commodity output and exports.
From arkansasonline.com
Who's involved
- Continental ResourcesAmerican oil company that signed the memorandum of understanding with PDVSA.
- PDVSAVenezuelan state oil company that signed the agreement to develop the Ayacucho 2 Block.
- VenezuelaThe country where the Ayacucho 2 oil block is located and where the project will operate.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Continental ResourcesSpeculative
Continental Resources might increase revenue from crude resource extraction in Venezuela.
- PDVSASpeculative
PDVSA could increase national hydrocarbon production and exports through the new development.
- VenezuelaSpeculative
Venezuela may attract foreign capital, which could boost national economic growth.
How it developed
Newest first. Tap a step to see who reported it.Continental Resources is pursuing oil development in Callao during the G20 energy conference.1 source
Agreement signed to develop Ayacucho 2 oil block.1 source
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The entities involved
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Continental Resources
American oil and natural gas company
Nothing else this week.
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G20
group of finance ministers and central bank governors