PCEC adds four rigs for 900-well reactivation program in Venezuela’s Cabimas field

Pacific Coast Energy Company (PCEC) took over operations of the Delta and Cabimas heavy oil fields onshore Venezuela in Q3 2026 with state-owned Petróleos de Venezuela (PDVSA). The agreements give PCEC full operational control of the blocks, including technical, financial and commercial management. Base production is 19,300 barrels of oil per day (bopd), and the company expects output to double within six months.

PCEC added four oil rigs to start a 900-well reactivation program in Cabimas, and more than 50 wells have been reactivated so far. In Delta, a 37-well electric submersible pump (ESP) change-out campaign has begun. The first ESP arrived less than 30 days after PCEC took over operations and was the first new ESP acquired for the block in eight years.

The development plan targets peak output of 150,000-160,000 bopd for more than 10 years and 1 billion bbl of cumulative gross production, raising the average recovery factor from 13% to 16-18%.