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4 clusters · 61 sources · 18 days · First seen 25 days ago · Last updated 7 days ago

GeoPark Baré Block oil development in Venezuela

Overview

Colombian oil company GeoPark, supported by the Gilinski Group, has entered a 25-year Productive Participation Contract (CPP) with Venezuela’s state-owned PDVSA to develop the Baré Block in the Orinoco Oil Belt. The agreement involves a 65% operating interest in the field, which contains approximately 1,100 wells and an estimated 15.7 billion barrels of original oil in place. The transaction, valued at approximately $1.2 billion, includes a restructuring where the Gilinski Group will become the majority shareholder of GeoPark.

This development is part of a broader trend of increasing international interest in Venezuela’s hydrocarbon resources. PDVSA has expanded its reach through new agreements with Continental Resources to operate and develop approximately 51,000 hectares in the Orinoco Belt, and a memorandum of understanding with TotalEnergies E&P New Ventures for strategic cooperation. TotalEnergies has previously expressed interest in transporting heavy crude to its Port Arthur refinery in Texas. Additionally, Chevron has announced a $7 billion investment over five years to increase local production.

Furthering this expansion, Halliburton has signed memorandums of understanding with Brazilian energy company Eneva and Venezuelan firm Wesca. The partnership with Eneva aims to identify and prospect business development opportunities within Venezuela, while the agreement with Wesca focuses on providing technical support for reservoir evaluation and development planning through digital technologies and subsurface interpretation.

Entities

PDVSA · Venezuela · Continental Resources · Delcy Rodríguez · Grupo Gilinski

Claims

What the coverage asserts, and how many sources carry each claim.

[● 18 SOURCES] Continental Resources and PDVSA signed a memorandum of understanding (MOU) to develop and operate the Ayacucho 2 block. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · rdnvenezuela.com · elclarinweb.com · +13 more
[● 16 SOURCES] The Ayacucho 2 block contains an estimated 30 billion barrels of oil resources in situ. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · rdnvenezuela.com · elclarinweb.com · +11 more
[● 13 SOURCES] The Ayacucho 2 block covers approximately 51,000 hectares (126,000 acres) in Anzoátegui state. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · rdnvenezuela.com · elclarinweb.com · +8 more
[● 13 SOURCES] The parties intend to negotiate a long-term contract in the coming weeks. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · rdnvenezuela.com · elclarinweb.com · +8 more
[● 11 SOURCES] Continental Resources is headquartered in Oklahoma. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · elclarinweb.com · www.elinformador.us · +6 more
[● 7 SOURCES] Heeney Capital obtained rights to operate the Chocó gold mine in Bolívar state, Venezuela, for an initial period of 30 years. primeraedicioncol.com · elclarinweb.com · caraotadigital.net · www.el-carabobeno.com · elnuevodiario.com.do · +2 more
[● 6 SOURCES] The gold mine project involves an initial investment of up to US$1,000 million. primeraedicioncol.com · elclarinweb.com · caraotadigital.net · www.el-carabobeno.com · elnuevodiario.com.do · +1 more
[● 6 SOURCES] The agreement includes rights for Heeney Capital and Mercuria Energy to export the gold produced by the project. primeraedicioncol.com · elclarinweb.com · caraotadigital.net · www.el-carabobeno.com · elnuevodiario.com.do · +1 more
[● 6 SOURCES] The agreement follows a call from the Trump administration for U.S. energy companies to assist in rebuilding Venezuela's oil industry. diarioelcentinela.com · www.laverdadpa.com · www.notitarde.com.ve · www.elinformador.us · eldiario.com · +1 more

Timeline

7 days ago

[BUSINESS] 7 sources
Halliburton signs energy development agreements in Venezuela
Halliburton has signed agreements with Eneva and Wesca to support oil and gas development and technical reservoir evaluation in Venezuela.
9 days ago

[BUSINESS] 3 sources
PDVSA signs oil development agreements with Continental Resources and TotalEnergies
PDVSA has signed agreements with Continental Resources to develop 51,000 hectares in the Orinoco Belt and a memorandum of understanding with TotalEnergies for strategic hydrocarbon cooperation.
12 days ago

[BUSINESS] 46 sources
Continental Resources and ExxonMobil advance energy deals in Venezuela
U.S. firms are expanding into Venezuela, with Continental Resources signing an oil deal for the Ayacucho 2 block, ExxonMobil negotiating a return, and Heeney Capital securing a $1 billion gold mining project.
25 days ago

[BUSINESS] 10 sources
GeoPark enters Venezuelan oil market via Bare block acquisition
Colombian oil firm GeoPark is entering the Venezuelan market by acquiring the Bare block in the Orinoco Oil Belt via a 25-year contract with PDVSA, aiming to scale production up to 95,000 barrels daily.

Sources

2001online.com · afnn.us · alaraby.co.uk · alertas24.com · bl-portal.com · braziljournal.com · caraotadigital.net · contrapodernews.com · contrapunto.com · cronicadecantabria.com · diarioelcentinela.com · doc.aljazeera.net · el-carabobeno.com · elclarinweb.com · eldia.com.do · eldiario.com · elinformador.us · elinformadorve.com · elnuevodiario.com.do · elnuevosiglo.com.co · elperiodicodelaenergia.com · elperiodicodemonagas.com.ve · entornointeligente.com · europesays.com · excelsior.com.mx · expedientepublico.org · expreso.ec · fightbacknews.org · formiche.net · globalenergy.mx · greenmountain.no · indyturk.com · it-boltwise.de · laverdad.com · laverdadpa.com · mobile.valor.com.br · noti-rse.com · noticias24hrs.com.ve · noticiasaldiayalahora.co · noticiasdepanama.com · notifalcon.com · notitarde.com.ve · oceannews.com · perfil.com · petroleoenergia.com · prensa-latina.cu · primeraedicioncol.com · primicia.com.ve

This summary has been updated 4 times: see revision history