Harold Hamm, a prominent Trump ally, has struck a preliminary oil deal with Venezuela.
His company, Continental Resources, signed the agreement with Venezuela’s state-owned oil firm.
The deal covers oil development and production in the South American nation.
Continental Resources is a major player in U.S. shale oil, based in Oklahoma.
Venezuela holds the world’s largest proven oil reserves but has struggled with production.
U.S. sanctions have long restricted American firms from working with Venezuela’s state oil company.
The preliminary agreement signals a possible shift in U.S. energy policy toward the country.
Details on investment amounts and timelines remain undisclosed by both parties.
Hamm’s ties to Trump have fueled speculation about the deal’s political context.
The Trump administration has favored greater energy engagement with Venezuela in recent months.
Continental Resources has not commented publicly beyond confirming the deal’s existence.
Any final agreement would likely require U.S. government approval given existing sanctions.
The move could open new oil supplies amid global market uncertainty.
