ORCUTT, Calif.--(BUSINESS WIRE)--Oct 7, 2026--

Pacific Coast Energy Company (PCEC), a California-based energy company with more than 30 years of heavy crude experience, is pleased to announce strategic agreements with Petróleos de Venezuela, S.A. (PDVSA) relating to the rejuvenation and development of oil fields in the Delta and Cabimas blocks. Over the lifetime of the contracts, PCEC projects investing $3.5 billion in total capital.

PCEC took over operations of the fields in the third quarter of 2026. Production is now expected to double from a base of 19.3K BPD within six months. The development program forecasts peak production of 150K to 160K BPD for more than 10 years.

PCEC has already achieved the following milestones:

• The reactivation of more than 50 wells;
• The addition of four oil rigs (from zero) to commence a 900-well reactivation program in Cabimas and the initiation of a 37-well electric submersible pump (ESP) change-out campaign in Delta. (The first ESP was delivered less than 30 days after operations began and marks the first new ESP acquired for the block in eight years);
• The commitment of $80 million for materials and services to date through the engagement of 18 local material suppliers and 35 local service providers, and
• The engagement of more than 1,000 local personnel to support operations.

The redevelopment plan agreed under the Contratos de Participación Productiva (CPPs) contemplates cumulative gross production of 1 billion barrels as the average field recovery factor increases from 13% to a range of 16% to 18%, with significant remaining production potential yet to be captured. The CPPs grant PCEC full operational control of the projects with responsibility for technical, financial, and commercial management.

“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’ve 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,” said Klaus Hasbo, CEO, PCEC. “We’re 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.”

PCEC, based in Santa Barbara County, Calif., has corporate offices in Houston, Texas, and Caracas, Venezuela, with operational offices in Maturin and Cabimas.

ABOUT PACIFIC COAST ENERGY COMPANY
PCEC acquires and rejuvenates energy assets in established and emerging producing regions. PCEC’s portfolio spans mature onshore secondary recovery fields with decades of production history to developments within newly discovered and more complex reservoir horizons in light to extra-heavy oil extraction.

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Carolyn Sargent

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csargent@rubenstein.com

KEYWORD: LATIN AMERICA NORTH AMERICA UNITED STATES VENEZUELA SOUTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: OIL/GAS ENERGY

SOURCE: Pacific Coast Energy Company

Copyright Business Wire 2026.

PUB: 10/07/2026 09:30 AM/DISC: 10/07/2026 09:32 AM

http://www.businesswire.com/news/home/20261006478822/en