Pacific Coast Energy Nears Deal for Majority Stake in Two Venezuelan Oil Blocks
Pacific Coast Energy is nearing a deal to secure a majority stake in two oil exploration blocks in Venezuela, the company said. The agreement is with state-owned Petroleos de Venezuela SA, known as PDVSA, to operate the assets, which may contain multiple oil fields each.
The transaction comes as the US-backed government in Caracas pushes potential foreign partners to finalize production-sharing contracts by a July 28 regulatory deadline. The California-based producer is among several firms negotiating joint ventures with PDVSA to secure operating rights for the assets.
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@staunovoPacific Coast Energy Co., a small California producer, is nearing a deal to operate Venezuelan oil fields as the US-backed government in Caracas presses potential partners to sign contracts by the end of July. The firm is one of several th