GeoPark signs 25-year contract to operate Venezuela's Bare oil block in Orinoco belt

Colombian oil firm GeoPark signed a 25-year contract with Venezuela's government to operate the Bare block in the Orinoco belt.

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As of 2026-09-04 20:32 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.

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] On September 2, 2026, GeoPark announced its strategic entry into the Venezuelan oil market by acquiring the Bare oil block. ^[2] GeoPark 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] Chevron, 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] The 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] GeoPark 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] The Bare field contains approximately 15.7 billion barrels of oil in the subsurface and has historically produced over 700 million barrels. ^[7] The operation will last for 25 years under a production-sharing contract with Pdvsa Petróleo S.A., the Venezuelan state-owned oil company. ^[8]

What this stands on

ELHERALDO.COColombia

On September 2, 2026, GeoPark announced its strategic entry into the Venezuelan oil market by acquiring the Bare oil block. ·

ELHERALDO.COColombia

GeoPark 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. · La Silla Vacía

Chevron, 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. ·

ELHERALDO.COColombia

The 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. ·

ELHERALDO.COColombia

GeoPark 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. · La Silla Vacía

The Bare field contains approximately 15.7 billion barrels of oil in the subsurface and has historically produced over 700 million barrels. · La Silla Vacía

The operation will last for 25 years under a production-sharing contract with Pdvsa Petróleo S.A., the Venezuelan state-owned oil company. · La Silla Vacía

The one we could place publishes from Colombia. 1 could not be placed by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.

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