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    "headline": "GeoPark signs 25-year contract to operate Venezuela's Bare oil block in Orinoco belt",
    "dek": "Colombian oil firm GeoPark signed a 25-year contract with Venezuela's government to operate the Bare block in the Orinoco belt.",
    "prose": "GeoPark, a Colombian oil company, and Venezuela's government signed a 25-year contract on a Friday in Caracas to operate the Bare block in the Orinoco oil belt, located between central-eastern and eastern Venezuela. [^1]\n\nOn September 2, 2026, GeoPark announced its strategic entry into the Venezuelan oil market by acquiring the Bare oil block. [^2]\n\nGeoPark announced on September 3, 2026, that it will enter the Venezuelan oil market by developing the Bare heavy oil field located in the Orinoco Belt. [^3]\n\nChevron, the U.S. oil company, announced on Wednesday that it plans to invest $7 billion in Venezuela over the next five years and aims to double its production in the country. [^4]\n\nThe previous Friday, the United States announced an agreement with Venezuela by which Washington obtains 20% of Venezuela's crude reserves, the country with the world's largest proven reserves. [^5]\n\nGeoPark estimates that production from the Bare field could increase from the current 11,000 barrels per day to between 85,000 and 95,000 barrels per day. [^6]\n\nThe Bare field contains approximately 15.7 billion barrels of oil in the subsurface and has historically produced over 700 million barrels. [^7]\n\nThe operation will last for 25 years under a production-sharing contract with Pdvsa Petróleo S.A., the Venezuelan state-owned oil company. [^8]",
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