PFC Oil and Gas has a 40% interest in PetroCumarebo, a joint venture with PDVSA. PetroCumarebo holds all the operating rights to the East Falcon Block and the West Falcon Block (838,000 acres) in northwestern Venezuela and has current onshore production of oil and natural gas. The Falcon area is strategically located in close proximity to the Paraguana Refinery Complex, the largest refinery in the world.

The West Falcon Block was acquired from Samson International in 2006.

The oil produced by PetroCumarebo is light sweet crude that sells at a premium to most of the oil produced in Venezuela. PetroCumarebo's oil production is sold to PDVSA and is trucked to the Paraguana Refinery Complex. The natural gas produced by PetroCumarebo is also sold to PDVSA and is shipped by PDVSA's Interconnection Centro Occidente ("ICO") natural gas pipeline to the Paraguana Refinery Complex.