Petróleos de Venezuela SA (PDVSA) has let contracts to Pacific Coast Energy Co. (PCEC) relating to the rejuvenation and development of heavy oil fields in Delta and Cabimas blocks in Venezuela.

PCEC took over operations of the fields in third-quarter 2026. Production is now expected to double from a base of 19,300 b/d within 6 months. The development program forecasts peak production of 150,000-160,000 b/d for more than 10 years.

PCEC has already reactivated more than 50 wells and added four oil rigs (from zero) to start a 900-well reactivation program in Cabimas and initiated 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 8 years, the company said.

The company committed $80 million for materials and services to date through the engagement of 18 local material suppliers and 35 local service providers.

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

Over the lifetime of the contracts, PCEC expects to invest $3.5 billion in total capital.