The US energy group Pacific Coast Energy Company (PCEC) has signed strategic agreements (Contratos de Participación Productiva, CPPs) with PDVSA for the rejuvenation and development of oil fields in the Delta and Cabimas blocks in Venezuela (PCEC press release, 07/10/2026).
PCEC took over operations of the fields in the third quarter of 2026 and has announced having reactivated over 50 wells, added four oil rigs to launch a 900-well reactivation plan in Cabimas and started an upgrade campaign in Delta. The group aims to invest USD3.5bn to double oil production from the current 19.3 kb/d within six months, and to raise it until a peak production level of 150-160 kboe/d over more than 10 years. The CPP contemplates a cumulative gross production of 1 Gbl and grants PCEC full operational control of the projects with responsibility for technical, financial, and commercial management.
In February 2026, following the US coup, Venezuela’s National Assembly approved a partial reform of the Organic Law on Hydrocarbons. It formalises an oil production sharing model and allows private producers to operate projects under new oil contracts or in joint ventures, to commercialize production and to manage cash flows independently of PDVSA.