US Oil Companies Sign Deals with Venezuela as Trump Eases Drug Sanctions

In September 2026, several U.S. energy companies moved to invest in Venezuela's oil and mining sectors. Continental Resources, led by Harold Hamm, signed a preliminary agreement with Venezuela's state oil company PDVSA to develop a heavy crude block in the Orinoco region. Exxon is also nearing a preliminary deal to invest in Venezuelan oil fields, and Heeney Capital will operate a gold mine. The developments follow the Trump administration's decision to remove Venezuela from a list of countries that have failed to cooperate in the fight against drug trafficking, with Colombia possibly facing the same change.