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GeoPark to invest $7 billion in Venezuela's Bare oilfield
Colombian oil producer GeoPark has announced plans to invest up to $7 billion in Venezuela's Bare oilfield. The company aims to increase crude output from the current 11,000 barrels per day (bpd) to approximately 90,000 bpd by 2038. This follows a 25-year production-sharing agreement signed with the Venezuelan government. The redevelopment project will be executed in four phases, involving the reactivation of up to 1,100 wells and the potential drilling of 80 new horizontal wells.
Broader industry analyses from Rystad Energy suggest that Venezuela's total oil production could reach 1.6 million bpd by 2028 and 1.8 million bpd by 2030, with an optimistic scenario of 2.58 million bpd by 2035. However, achieving these targets requires massive capital and infrastructure. Experts estimate that full-scale industry reactivation may require between $100 billion and $220 billion in financing over the next decade.
Significant structural challenges remain, including a shortage of drilling equipment. Current data indicates only two active drilling rigs in the country, whereas meeting 2028 production goals would require increasing that number to 50 rigs, and eventually 80 by the end of the decade.
Entities
Bare oilfield · Chevron · Felipe Bayón · GeoPark · Orinoco Oil Belt · PDVSA · Rystad Energy · United States · Venezuela
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Large-scale reactivation of Venezuela's oil industry will require over $100 billion in financing, potentially reaching $220 billion over a decade. nuevodia.com.ve · primicia.com.ve
- [● 2 SOURCES] There are currently only two active drilling rigs in Venezuela. nuevodia.com.ve · primicia.com.ve
- [● 4 SOURCES] Venezuela's oil production could reach 1.6 million barrels per day by 2028 and 1.8 million barrels per day by 2030. nuevodia.com.ve · www.radiobayamo.icrt.cu · elperiodicodelaenergia.com · www.telesurtv.net
- [● 4 SOURCES] GeoPark signed a 25-year production-sharing agreement with the Venezuelan government for the Bare field. yaracuyaldia.com · boereport.com · www.devdiscourse.com · teleradioamerica.com
- [● 3 SOURCES] GeoPark will reactivate up to 1,100 wells and potentially drill 80 new horizontal wells in the Bare field. boereport.com · www.devdiscourse.com · teleradioamerica.com
- [● 3 SOURCES] GeoPark plans to invest up to $7 billion in the Bare oilfield to increase output to 90,000 barrels per day by 2038. boereport.com · www.devdiscourse.com · teleradioamerica.com