DistantNews
Support us
🇵🇦 Panama /Energy & Infrastructure

Venezuela Signs 25-Year Oil Deal With Colombia’s GeoPark

From TVN Panamá · () Spanish

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

At a glance

News Official statement New plan
  • Venezuela’s interim government signed a 25-year agreement with Colombia’s GeoPark to operate the Bare heavy-crude field.
  • The field currently produces about 11,000 barrels per day and has a stated potential of 85,000 to 95,000 barrels per day.
  • The deal follows agreements involving Chevron, Eni and GE Vernova aimed at expanding Venezuela’s energy production and restoring its electricity industry.

Venezuela has brought a Colombian oil company into its effort to revive the country’s petroleum industry, signing a 25-year agreement with GeoPark for the Bare heavy-crude field.

Jovanny Martínez, executive vice president of state oil company PDVSA, signed the agreement with Jaime Gilinski, chairman of Colombia’s Gilinski Group and GeoPark’s majority shareholder. Interim President Delcy Rodríguez attended the ceremony and welcomed the company’s entry into the sector.

“I am very pleased that a Colombian company is also joining this plan to recover our oil industry and increase production for the benefit of the people,” Rodríguez said in remarks broadcast by state television channel VTV.

I am very pleased that a Colombian company is also joining this plan to recover our oil industry and increase production for the benefit of the people.

· Delcy RodríguezVenezuela’s interim president welcomed the Colombian company’s participation in the oil-sector recovery plan.

Bare lies in the Orinoco Oil Belt, which holds much of Venezuela’s reserves. A Gilinski Group statement said the field has about 1,100 existing wells and current gross production of roughly 11,000 barrels per day. It estimated maximum potential production at 85,000 to 95,000 barrels per day.

The agreement follows larger deals signed earlier in the week with Chevron and Eni to expand operations in Venezuela, as well as an agreement with GE Vernova to restore the electricity industry. Venezuela’s oil output reached 1.2 million barrels per day in July, nearly 30 percent above January levels, but remained below the 3 million barrels per day produced in the late 1990s. GeoPark is the first Colombian oil company to operate a block directly in Venezuela.

GeoPark has proven technical experience to responsibly increase the recovery factor of the Bare field and the financial strength needed to assume all the capital investment this project requires.

· Jaime GilinskiGilinski described GeoPark’s technical and financial capacity after signing the agreement.
About this summary

Originally published by TVN Panamá 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.

More Stories

From Our Blog