Pacific Coast Energy Company (PCEC) took over operations at the heavy oil Cabimas and Delta blocks in the third quarter under productive participation contracts (CPPs) that give it full operational control. It has reactivated more than 50 wells, deployed four rigs to start a 900-well reactivation program in Cabimas and begun replacing pumps in 37 wells in Delta. PCEC has committed $80 million for materials and services through 18 local suppliers and 35 local service providers, and has engaged more than 1,000 local personnel. It expects to double production of 19,300 bpd within six months.

Repsol, which has operated in Venezuela without interruption since 1993, signed a framework agreement with the Ministry of Hydrocarbons and PDVSA in April that returns operational control of the Petroquiriquire joint venture to the company. Repsol produces around 45,000 bpd gross in the country, mainly from Petroquiriquire, and is prepared to raise output by 50% within 12 months and triple it over three years. In June, it signed a further agreement to assess the Horcón area southeast of Lake Maracaibo.
On the western side of the lake, the Urdaneta Oeste field produced about 21,000 bpd gross in January. Maurel & Prom, which holds 40% alongside PDVSA in the Petroregional del Lago joint venture, is focusing its 2026 program on interventions in existing wells, with a drilling phase planned from 2027.

More blocks will follow. PDVSA President Héctor Obregón told Venezuelan business federation Fedecámaras on October 9 that the company aims to sign 105 oil contracts by year-end, with about 70% covering new or undeveloped fields. Welligence Energy Analytics expects workover activity at mature fields to lift national output to around 1.5 million bpd by late 2027, up from 1.2 million bpd now.

VEW 2027 will bring the operators running these programs together with the Venezuelan companies supplying them, with domestic suppliers and service providers exhibiting February 22–24 and site visits to producing assets on February 25. By February, the first CPP operators will have several months of field results to report, giving new entrants a benchmark for how quickly mature blocks respond to investment.

Venezuela Energy Week 2027 takes place February 22–25 at the Simon Bolivar Convention Center in Caracas. Organized by Energy Capital & Power and taking place under the patronage of Acting President Delcy Rodríguez, PDVSA and the Ministry of Hydrocarbons, VEW is the country’s flagship oil and gas investment platform. To register or learn more about sponsorship and speaking opportunities, visit www.venezuelaenergyweek.com.