Harold Hamm, an oil executive close to President Trump, announced plans to drill for oil in Venezuela. His company, Continental Resources, signed a preliminary deal with Venezuela's national oil company, Petróleos de Venezuela, to develop and operate a 126,000-acre region in the Orinoco Belt, known as the Ayacucho 2 Block.

The agreement, revealed at a G-20 energy meeting in Houston, follows Chevron's decision to more than double its Venezuela production. Trump has pushed American oil companies to invest since U.S. forces captured Nicolás Maduro in January.

Hamm, based in Oklahoma City, made his fortune in U.S. shale fracking. Continental has recently struck deals in Turkey and Argentina. If the deal proceeds, it would be Continental's first foray into Venezuela.

"This is a huge resource in Venezuela," Hamm said. "We know this is a great opportunity." Continental did not disclose investment or production targets. CEO Doug Lawler said operations could begin six months after a final contract, though timelines are uncertain.