US Company in Talks with Venezuela's PDVSA Amid Rising Crude Oil Imports

A California-based energy company, Pacific Coast Energy, claims to be in talks with Venezuela's state-backed Petroleos de Venezuela (PDVSA) to work on developing and operating oil fields.

The move comes as U.S. imports of heavy Venezuelan crude oil are on the rise, with data from the U.S. Energy Information Administration showing a 9,979% year-over-year increase in July.

Pacific Coast Energy's CEO Klaus Hasbo said the company has raised $800 million to fund initial operations and has over 30 years of experience handling heavy crude oil.