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Venoco history
Venoco company history timeline
The company was founded in September 1992 by Timothy Marquez.
The state says since taking over the South Ellwood Field leases from Exxon in 1997, Venoco has paid about $160,000,000 in royalties and rent, and hasn’t had “any significant spills on state property,’ according to a State Lands Commission statement issued April 17.
They acquired interest in the field from Mobil Oil Corporation in 1997.
Chevron shut-in production at Platform Grace in the Santa Clara field in 1997.
Venoco acquired their 25% non-operated working interest in the western two-thirds of the field from Chevron in February 1999, which includes three offshore platforms.
In 2005, the company sold Big Mineral Creek field for $45 million.
Venoco acquired the West Montalvo field in Ventura County, California in May 2007 and operated the field with a 100% working interest.
In 2012, the company became a privately held company after Timothy Marquez acquired the 49% of the company that he did not own.
Venoco filed the bankruptcy petition in 2016.
On January 4, 2018, the company relinquished 5 federal oil and gas leases offshore Southern California.
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