Continental Resources, Founded by Trump Donor Harold Hamm, to Develop Oil Region in Venezuela

Continental Resources, the oil and gas company founded by Harold Hamm, a major donor to President Donald Trump, plans to develop a large oil-producing region in Venezuela, according to a report by CNBC.

The company said it conducted an "independent evaluation of opportunities" in the South American country before deciding to move forward with the project, CNBC reported.

According to the report, Continental's decision followed public comments from President Trump encouraging the oil industry to invest in Venezuela.

Harold Hamm, the founder of Continental Resources, has been a prominent financial supporter of Trump and has previously advised the administration on energy policy, according to CNBC.

Details on the scale of the planned development, the specific location within Venezuela, and the financial terms of the arrangement were not disclosed in the available reporting.

Venezuela holds some of the world's largest proven oil reserves, though its energy sector has faced years of underinvestment and has been subject to U.S. sanctions in the past. CNBC's report did not specify whether the Continental project involves any changes to existing sanctions policy or regulatory approvals required for U.S. companies to operate in the country.

CNBC did not report additional comment from the White House, the Venezuelan government, or Continental Resources beyond the company's statement regarding its evaluation process.