The Pacific Coast Energy Company (PCEC) has entered into agreements with Petróleos de Venezuela (PDVSA) to manage and develop oilfields in the Delta and Cabimas blocks in Venezuela.
The California, US-based company began operating the fields in the third quarter of 2026 (Q3 2026) and now aims to double the current base production of 19,300 barrels per day (bpd) within six months.
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The company expects peak production to reach 150,000–160,000bpd over a projected period of more than ten years.
Over the life of these agreements, the company forecasts a total capital investment of $3.5bn.
PCEC reports that it has already committed $80m to materials and services intended to secure critical oilfield equipment and support operations.
This expenditure has involved contracts with 18 local suppliers and 35 service providers, and the employment of more than 1,000 local workers.
The reactivation of more than 50 wells has been completed, and four oil rigs have been introduced in Cabimas to start a larger programme to bring 900 wells back online.
In the Delta block, a campaign to replace electric submersible pumps (ESP) in 37 wells has begun, with the first new ESP for the area delivered in less than a month after PCEC took control.
According to PCEC, this is the first ESP purchase for the block in eight years.
Under the Contratos de Participación Productiva (CPPs), PCEC is granted full operational authority, encompassing technical, financial and commercial management responsibilities.
PCEC CEO Klaus Hasbo said: “PCEC’s early commitment of capital, management experience and technical expertise for the rejuvenation of these heavy crude assets is already producing results that exceed expectations.
“The talented local personnel we have brought on, empowered by updated equipment and our expertise in heavy crude extraction, are beginning to rehabilitate long-dormant energy fields in Delta and Cabimas.
“We are grateful to the PDVSA team for their collaboration and are excited to be contributing to Venezuela’s economic recovery. We look forward to continuing a long and productive partnership that enhances the well-being of all Venezuelans.”
The redevelopment plan envisions cumulative gross output of one billion barrels, with an increase in the average recovery factor from 13% currently up to between 16% and 18%.
PCEC is based in Santa Barbara County, with additional corporate offices in Houston, Texas, and Caracas, and operational sites in Maturin and Cabimas.
