US oil magnate Harold Hamm said his company Continental Resources signed a memorandum of understanding to develop an oilfield in Venezuela's Orinoco oil belt with state-owned PDVSA. "This can also be the energy renaissance that is necessary in Venezuela," Hamm said at the G20 energy ministers summit in Houston.

The deal is the latest by a western oil producer in Venezuela as Washington increases control after the US military's capture of president Nicolás Maduro in January. Hamm has been expanding globally; in August he told the FT that Continental was spearheading a multibillion-dollar drilling campaign in Argentina.

Hamm, a pioneer of the American shale revolution, has been a frequent adviser to Trump and donated to his 2024 campaign. Other American companies are trying to finalise agreements in Venezuela, which has the world's largest oil reserves. Washington has pushed for industry to invest up to $100bn under interim president Delcy Rodríguez.

A Venezuelan delegation joined the G20 summit, including vice-president for economy Calixto Ortega Sánchez and hydrocarbons minister Paula Henao. Heeney Capital also announced an investment to develop a Choco gold mine, up to $1bn initially.