Colombian businessman Gilinski negotiates Venezuelan oil operations

Colombian magnate Jaime Gilinski, through his holding company, is reportedly nearing a deal with oil firm GeoPark Ltd. to take over oil extraction operations in Venezuela. The move signals a potential revival of Venezuelan energy production, driven by private capital.

The focus of this strategic alliance is the Bare field, located in the Ayacucho area of the Orinoco Oil Belt in Anzoátegui state. This field holds significant heavy and extra-heavy crude reserves but has suffered from reduced output due to a lack of investment and deteriorating infrastructure. GeoPark, however, is confident in its technical expertise to restore production levels.

Grupo Gilinski's commitment to this venture was underscored by a $107 million investment in March, which boosted its shareholding in GeoPark. This financial maneuver not only strengthens its position within the company but also serves as a gateway to the broader regional energy market. The conglomerate already has a presence in Venezuela through its food industry assets, linked to the Nutresa corporation.

While Bloomberg reported on these developments, both GeoPark and the Gilinski family representatives declined to comment on the ongoing confidential discussions. The initiative is seen as part of a broader trend of private capital entering Venezuela's energy sector, reportedly encouraged by the U.S. administration aiming to revitalize the country's hydrocarbon production.