US firm PCEC to invest $3.5B in Venezuela oil reactivation

California-based PCEC has partnered with PDVSA to invest $3.5 billion in reactivating oil fields in Venezuela, targeting 900 wells in Cabimas and 37 in Delta Amacuro. Production is expected to double within six months, signaling a potential shift in US-Venezuela energy engagement. The deal's viability depends on sanctions relief and operational conditions, which remain uncertain.