Pacific Rim Energy Inc. creates opportunities in “Making it HAPPEN” having a competitive advantage. We employ a proactive disciplined and and highly selective process into high performance businesses opportunities.
Pacific Rim Energy Inc. is focused in creating substantial long-term value in the renewable fuels sector for our shareholders. Transitioning from the fossil fuels industry to the renewable fuels industry toward decarbonization, environmental waste reduction with sustainable solutions.
Pacific Rim Energy Inc. (PRE) was formed in 1987 and incorporated in 1993 in the State of Washington by Mr. Steve McKanna. The initial focus of PRE was the sale and marketing of the TEC downhole secondary tertiary crude oil recovery. PRE participated in the PDVSA First Bidding Round in 1991 for reactivation of 26 abandoned oil fields in Venezuela. PRE put together a group which included Drillers Inc. (DI) from Houston who was already active in Venezuela.
PRE was very active in various gold and diamond concessions in Bolivar State in Venezuela from 1993 – 97 working with various Canadian mining companies and investment banks who had raised over $ 150 million USD for Venezuela projects.
In 1997 PRE participated in the PDVSA Third Bidding Round for the second group of shut in and abandoned crude oil fields. PRE had line up $ 100 million USD in financial support from Canaccord Capital in Vancouver B.C.. In 1998 PRE formed a joint venture with Petro Hunt from Dallas in which the jv was awarded 3 crude oil fields working with 3 different Venezuelan universities and PDVSA.
In 1999 PRE was the only bidder for the 100 million bbls of crude oil storage at the U.S. Department of Energy SPR Big Hill underground crude oil storage facility. PRE had lined up $ 1 billion USD to purchase the crude oil for resale.
In 2000 the jv chose to hold off any further investment in the oil fields as President Chavez had become President in 1999.
In 2001 PRE was one of 25 U.S. companies invited by the Asia Development Bank to exhibit at their week long 35th annual meeting in Shanghai, China which was attended by 15,000 participants across Asia.
In 2002 PRE was one of 25 U.S. companies selected to participate in the Venezuelan BancoEx Trade Fair in Caracas. PRE had negotiated the largest contract at the Trade Fair for the Uverito pine tree project in Eastern Venezuela with CVG PROFORCA. Mr. McKanna was invited to meet President Chavez at the closing ceremony on stage.
In 2004 PRE was successful in being awarded a $ 150 million USD natural gas turnkey power project for CADAFE one of the Venezuelan government owned electrical power companies. The initial 540 MW project consisted of 3 Seimens Westinghouse 501F units. This contact was increased to 9 units and over $ 500 million USD.
In 2010 PRE submitted 52 Preliminary Permit Applications with the U.S. Federal Energy Regulatory Commission (FERC) to generate renewable energy using marine hydro kinetic and small hydro units at irrigation canals in Washington, Oregon, Idaho and California. FERC would not provide a time line on how long or the cost would be for each application. The local electrical power utilities would only pay the same wholesale price if the power was generated from wind or solar which are FERC exempt. Thus FERC made the project unbankable.
In 2016 PRE exhibited at the NAPE Summit Oil & Gas Deal Makers Event at the George Brown Convention Center in Houston. PRE was seeking joint venture partners for the 150 abandoned and shut in PDVSA oil fields in Venezuela.
2015/16 PRE was involved with the Venezuelan Defense Ministry in establishing CAMIMPEG which would allow the Ministry of Defense to participate in abandoned and shut in crude oil and gas fields in Venezuela.
In 2016 PRE exhibited at the PLS Oil and Gas Deal Makers Event in Dallas. PRE was seeking joint venture partners for the 150 abandoned and shut in PDVSA oil fields in Venezuela. 2016 PRE was successful in negotiating various large natural gas projects with PDVSA GAS and formed a joint venture with ZIC of Maracaibo, Venezuela.
In 2017 PRE exhibited at the NAPE Summit Oil and Gas Deal Makers Event at the George Brown Convention Center in Houston. PRE was seeking joint venture partners for the 150 abandoned and shut in PDVSA oil fields in Venezuela. PRE was approved by PDVSA for the Guanoco Lake crude oil field for a 25 year concession which contains 1.9 billion bbls of asphalt and extra heavy crude oil.
PRE was going to set up an asphalt pellet manufacturing facility to export the pellets.
In 2018 President Trump put sanctions on U.S. companies doing business with PDVSA so PRE had to stop work on the project.
In 2020 PRE refocused its efforts in Brasil traveling there 5 times involving various renewable energy and mining projects. PRE also is involved in a joint venture with the largest contractor in Paraguay involving small and medium size hydro and Biomass refinery projects.
In 2023 PRE has transitioned from Crude Oil to Alternative Renewable Energy Resources creating Bio Diesel from Timber and Agricultural Waste on a worldwide basis