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Sunday, October 25, 2026 · UTC
Finance

GeoPark signs 25-year deal with Venezuela to develop Orinoco Bare block

GeoPark, via Grupo Gilinski, signed a 25-year agreement with Venezuela to develop the Bare block in the Orinoco Belt.

TruthFoundry News Desk
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Stands on 12 placed sources from 4 publishers.
As of 2026-09-05 08:36 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.
The Grupo , through its firm GeoPark, agreed in 2026 to enter a 25-year production participation contract (CPP) with Venezuela's PDVSA to develop the Bare heavy-crude block in the Faja Petrolífera del Orinoco, one of the world's largest hydrocarbon accumulations. [1][3][5] GeoPark estimated that the Bare block in Venezuela's Orinoco Belt holds approximately 15.7 billion barrels of oil originally in place. [2][7] GeoPark, as operator, will finance 100% of the capital investments required under the approved work programs at Bare and will receive a net economic participation of 65%. [4] Under the agreement, GeoPark will acquire the Grupo Gilinski's 95% stake in the Bare block contract by issuing 42.1 million new shares at $12.22 per share, which will make the Grupo the controlling shareholder of GeoPark with about 56.3% of ordinary shares. [6][12] The Bare block currently consists of approximately 1,100 wells with a gross production of 11,000 barrels per day, but has a potential capacity of up to 95,000 barrels per day. [8][10][11] The 25-year agreement makes the Bare block GeoPark's main entry vehicle into the Venezuelan market, expanding the company's regional presence, which currently includes operations in Colombia and Argentina. [9]
Proof12 sources · 4 publishers
What this stands on
  1. On September 4, 2026, Grupo Gilinski, majority shareholder of GeoPark, signed a 25-year agreement with Venezuelan President Delcy Rodríguez to develop the Bare block in the Orinoco Belt. · Valora Analitik
  2. Colombian oil company GeoPark announced the strategic acquisition of the Bare oil block in Venezuela, a section of the Orinoco Belt. · Efecto Cocuyo
  3. Jaime Gilinski, president of the Colombian Grupo Gilinski and majority shareholder of GeoPark, met with Delcy Rodriguez, the interim president of Venezuela, in Caracas to announce a new oil agreement. · Portafolio
  4. GeoPark, as operator, will finance 100% of the capital investments required under the approved work programs at Bare and will receive a net economic participation of 65%. · Semana - Últimas Noticias de Colombia y el Mundo
  5. The Grupo , through its firm GeoPark, agreed in 2026 to enter a 25-year production participation contract (CPP) with Venezuela's PDVSA to develop the Bare heavy-crude block in the Faja Petrolífera del Orinoco, one of the world's largest hydrocarbon accumulations. · Semana - Últimas Noticias de Colombia y el Mundo
  6. Under the agreement, GeoPark will acquire the Grupo Gilinski's 95% stake in the Bare block contract by issuing 42.1 million new shares at $12.22 per share, which will make the Grupo the controlling shareholder of GeoPark with about 56.3% of ordinary shares. · Semana - Últimas Noticias de Colombia y el Mundo
  7. GeoPark estimated that the Bare block in Venezuela's Orinoco Belt holds approximately 15.7 billion barrels of oil originally in place. · Valora Analitik
  8. GeoPark reported that the Bare block has produced more than 700 million barrels over its history and has about 1,100 existing wells with installed production infrastructure. · Valora Analitik
  9. The 25-year agreement makes the Bare block GeoPark's main entry vehicle into the Venezuelan market, expanding the company's regional presence, which currently includes operations in Colombia and Argentina. · Valora Analitik
  10. GeoPark described the Bare block as a major opportunity due to its existing infrastructure and production capacity, which could be significantly increased. · Efecto Cocuyo
  11. The Bare block currently consists of approximately 1,100 wells with a gross production of 11,000 barrels per day, but has a potential capacity of up to 95,000 barrels per day. · Efecto Cocuyo
  12. The Gilinski investment group, the company's largest shareholder, stated that the deal will convert the group into the controlling shareholder of GeoPark with a 20% stake. · Efecto Cocuyo
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