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Jaime Gilinski to take control of GeoPark via Venezuelan oil deal
Colombian billionaire Jaime Gilinski is set to become the majority shareholder of GeoPark Ltd. following a deal involving a Venezuelan oil contract. Gilinski is converting his rights to operate the Bare heavy crude field in Venezuela’s Orinoco region into an equity stake in the Latin American energy producer, valued at approximately $515 million.
GeoPark, which previously held a 5% interest in the Bare field, will acquire the remaining 95% from Gilinski. Under the terms of the agreement, GeoPark will fund the necessary investments and maintain a 65% net working interest, while the Venezuelan state-owned oil company PDVSA will retain a 35% interest. The Bare field is estimated to contain 15.7 billion barrels of heavy crude reserves.
The company aims to scale production from current levels of approximately 11,000 barrels per day to a target of 95,000 barrels per day. To achieve this, GeoPark plans to utilize existing infrastructure and restore up to 1,100 wells, with subsequent plans to drill roughly 80 new horizontal wells. Operations at the field are expected to commence in December.
Entities
Bare field · GeoPark Ltd. · Jaime Gilinski · Nutresa SA · Orinoco Belt · PDVSA
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] GeoPark plans to begin operations at the Bare field in December. fakti.bg
- [● 3 SOURCES] Gilinski is converting a Venezuelan oil agreement into an equity stake in GeoPark valued at approximately $500 million. nemosnewsnetwork.com · fakti.bg · www.infomoney.com.br
- [● 3 SOURCES] Colombian billionaire Jaime Gilinski is set to become the majority shareholder of GeoPark Ltd. nemosnewsnetwork.com · fakti.bg · www.infomoney.com.br
- [○ 1 SOURCE] GeoPark will hold a 65% net working interest in the project, while state-owned PDVSA will retain 35%. nemosnewsnetwork.com
- [● 3 SOURCES] Jaime Gilinski has an estimated net worth of approximately $40 billion. nemosnewsnetwork.com · fakti.bg · www.infomoney.com.br
- [○ 1 SOURCE] The Bare field contains heavy crude with estimated reserves of 15.7 billion barrels. fakti.bg
- [● 2 SOURCES] Gilinski secured a 25-year agreement to operate the Bare heavy crude field in Venezuela’s Orinoco region. nemosnewsnetwork.com · fakti.bg
- [○ 1 SOURCE] GeoPark aims to increase production from 11,000 barrels per day to 95,000 barrels per day. nemosnewsnetwork.com