Pacific Coast Energy Company (PCEC) expects production from Venezuela's Delta and Cabimas blocks to double from a base of 19,300 bpd within six months, under strategic agreements signed with Petróleos de Venezuela S.A. (PDVSA) covering field rejuvenation on Lake Maracaibo and the Delta region.

The California-based company, which brings more than 30 years of heavy crude experience, projects total capital investment of US$3.5 billion over the lifetime of the contracts. PCEC took over operations of the fields in the third quarter of 2026.

The development program forecasts peak production of 150,000 to 160,000 bpd sustained for more than 10 years.

What has PCEC achieved so far?

Since assuming operatorship, the company reports four operational milestones:

• Reactivation of more than 50 wells.
• Addition of four rigs — up from zero — to launch a 900-well reactivation program in Cabimas, alongside a 37-well electric submersible pump (ESP) change-out campaign in Delta.
• Commitment of US$80 million for materials and services through 18 local material suppliers and 35 local service providers.
• Engagement of more than 1,000 local personnel to support operations.

The first ESP arrived less than 30 days after operations began. PCEC says it marks the first newly acquired ESP for the block in eight years — a measure of how far the installed artificial-lift base had deteriorated before the handover.

How do the contract terms work?

The redevelopment operates under Contratos de Participación Productiva (CPPs), which grant PCEC full operational control of the projects, with responsibility for technical, financial, and commercial management.

The plan contemplates cumulative gross production of 1 billion barrels. PCEC expects the average field recovery factor to rise from 13% to a range of 16% to 18%, with what the company describes as significant remaining production potential yet to be captured.

Recovery-factor gains of three to five percentage points across heavy-oil assets of this scale typically hinge on sustained workover capacity, reliable artificial lift, and fluid handling infrastructure — all areas where the Delta and Cabimas blocks have seen limited reinvestment in recent years.

What did the company say?

CEO Klaus Hasbo framed the early results against the scale of the turnaround task.

"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," Hasbo said. "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."

He also pointed to the partnership framing of the agreements.

"We're grateful for the PDVSA team for their collaboration and are excited to be contributing to Venezuela's economic recovery," Hasbo said. "We look forward to continuing a long and productive partnership that enhances the well-being of all Venezuelans."

What comes next?

The watch items are execution milestones on a tight clock. The six-month window to double output from 19,300 bpd will test whether the four-rig spread and the ESP campaign can restore enough base production to build toward the 900-well Cabimas program.

The first ESP delivery, completed inside 30 days of operatorship, sets the benchmark for the remaining 36 change-outs in Delta. Beyond that, investors and partners will track the pace of the US$3.5 billion capital deployment and whether the US$80 million already committed to local suppliers and service companies scales in step with the workover program.

Sustaining 150,000–160,000 bpd for more than a decade — the program's stated peak plateau — depends on lifting the recovery factor from 13% toward 18% across fields PCEC itself characterizes as long-dormant.