Venezuela reaches oil agreements with US Pacific Coast Energy and Canadian New Stratus

U.S. independent operator Pacific Coast Energy Co. is in the final stages of sealing a strategic alliance with Venezuela's state oil firm PDVLA to acquire a majority stake in two blocks of the Petrodelta joint venture. The company says the deal will protect existing Venezuelan jobs, create new skilled positions in the United States, boost U.S. energy security and generate royalty revenue for Venezuela, with a deadline of July 28 to secure favorable tax terms.

Canadian energy firm New Stratus Energy is evaluating five potential oil‑and‑gas acquisitions in Venezuela, negotiating memoranda of understanding with PDVLA‑linked mixed‑ownership entities. To fund due‑diligence work, New Stratus plans a private placement of up to CAD 7 million (about US 5 million). Both companies are moving forward after the United States lifted sanctions earlier this year, signalling renewed foreign investment interest in Venezuela’s hydrocarbon sector.