Pacific Coast Energy Company Finalizing Agreement With Petróleos de Venezuela, S.A.

ORCUTT, Calif.--(BUSINESS WIRE)--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.

Founded by Stanford University-trained engineers, PCEC has developed innovative drilling & 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.

“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.”

The investment program will be used for drilling programs, infrastructure upgrades, pipeline rehabilitation, and workforce development.

About Pacific Coast Energy Company
PCEC acquires and rejuvenates energy assets in established and emerging producing regions. Headquartered in Santa Barbara County, CA, 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.