Pacific Coast Energy Finalizing $800 Million Deal to Revitalize Venezuelan Oil Fields
[Click image to enlarge]
Pacific Coast Energy Company (PCEC), a California-based energy company with more than 30 years of heavy crude expertise, is in the process of finalizing an agreement with Petróleos de Venezuela, S.A. and the Venezuelan government under the administration of Acting President Delcy Rodríguez that would enable the company to develop and operate oil fields.
“Establishing a presence in Venezuela aligns with PCEC’s core capabilities and strategic focus on heavy oil extraction and the rejuvenation of mature, low-decline oil fields,” said Klaus Hasbo, CEO, Pacific Coast Energy Company.
“We’re excited about the opportunity to help Venezuela revitalize its oil fields and have raised a total of $800 million in equity, debt, and trade finance to fund initial operations,” added Hasbo.
Founded by Stanford University-trained engineers, PCEC has developed innovative drilling and completion technologies and production operation management systems for heavy and extra-heavy crude. The management team, led by Klaus Hasbo, has nearly a century of combined experience across petroleum engineering, financial management, and large-scale operations in North America, Europe, Asia, and the Middle East.
The investment program will be used for drilling programs, infrastructure upgrades, pipeline rehabilitation, and workforce development.
Pacific Coast Energy Company acquires and rejuvenates energy assets in established and emerging producing regions. Headquartered in Santa Barbara County, California, its 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.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2026 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
