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🇻🇪 Venezuela /Energy & Infrastructure

GeoPark agrees to operate Venezuela’s Bare oil block for 25 years

From El Nacional · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Colombian oil company GeoPark signed a 25-year contract to operate the Bare block in Venezuela’s Orinoco Oil Belt.
  • The field currently produces about 11,000 barrels per day, with reported capacity to reach 95,000 barrels per day across roughly 1,100 wells.
  • The agreement brings Colombian private investment into Venezuela’s efforts to recover and expand oil production, alongside state oil company PDVSA.

GeoPark has formally entered Venezuela’s oil industry with a 25-year operating contract for the Bare block, one of the fields in the Orinoco Oil Belt. The agreement was signed in Caracas and gives the Colombian company a role in Venezuela’s main oil-producing region.

Bare currently produces about 11,000 barrels per day. Information presented during the signing said the block contains roughly 1,100 wells and could eventually produce up to 95,000 barrels per day.

Delcy Rodríguez, Venezuela’s acting president, attended the ceremony and welcomed the arrival of Colombian capital. “I am excited that a company from Colombia is also joining this plan to recover our oil industry and increase production,” she said. Rodríguez also said GeoPark’s entry, as part of the Gilinski Group, demonstrated confidence in Venezuela’s legal framework.

I am excited that a company from Colombia is also joining this plan to recover our oil industry and increase production.

· Delcy RodríguezVenezuela’s acting president welcomed GeoPark’s entry into the country’s oil recovery and expansion plans.

Jaime Gilinski, director of the Gilinski Group and GeoPark’s main shareholder, signed the agreement with Jovanny Martínez, executive vice president of Petróleos de Venezuela, or PDVSA. Oil Minister Paula Henao and PDVSA President Héctor Obregón also attended.

Gilinski described the contract as more than a 25-year operating arrangement. “This agreement, for 25 years, represents much more than a figure in a percentage of participation. It represents our belief that, by working hand in hand with PDVSA, with transparency and confidence in the future, the Bare field can become an example of how responsible private investment and the national interest can move forward together,” he said. He thanked the Venezuelan government for its confidence and called the deal a starting point for the group’s presence in the Orinoco Belt.

GeoPark’s arrival follows recent agreements between Caracas and foreign companies aimed at increasing crude extraction and restoring fields with production potential. One of the latest announcements came from U.S. oil company Chevron.

This agreement, for 25 years, represents much more than a figure in a percentage of participation. It represents our belief that, by working hand in hand with PDVSA, with transparency and confidence in the future, the Bare field can become an example of how responsible private investment and the national interest can move forward together.

· Jaime GilinskiThe Gilinski Group director described the contract as a long-term partnership between private investment and Venezuela’s state oil company.
About this summary

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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