# GeoPark Baré Block oil development in Venezuela

> Live situation record from CLSTR: https://clstr.news/situations/geopark-bar-block-oil-development-in-venezuela
> Updated: 2026-09-21T12:50:10.000Z. Sources: 61. Developments: 4.

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.

## Claims

- Continental Resources and PDVSA signed a memorandum of understanding (MOU) to develop and operate the Ayacucho 2 block. (corroborated by 18 sources)
- The Ayacucho 2 block contains an estimated 30 billion barrels of oil resources in situ. (corroborated by 16 sources)
- The Ayacucho 2 block covers approximately 51,000 hectares (126,000 acres) in Anzoátegui state. (corroborated by 13 sources)
- The parties intend to negotiate a long-term contract in the coming weeks. (corroborated by 13 sources)
- Continental Resources is headquartered in Oklahoma. (corroborated by 11 sources)
- Heeney Capital obtained rights to operate the Chocó gold mine in Bolívar state, Venezuela, for an initial period of 30 years. (corroborated by 7 sources)
- The gold mine project involves an initial investment of up to US$1,000 million. (corroborated by 6 sources)
- The agreement includes rights for Heeney Capital and Mercuria Energy to export the gold produced by the project. (corroborated by 6 sources)
- The agreement follows a call from the Trump administration for U.S. energy companies to assist in rebuilding Venezuela's oil industry. (corroborated by 6 sources)

## Timeline

### 2026-09-21: 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.

7 sources. https://clstr.news/cluster/halliburton-signs-energy-development-agreements-in-venezuela

### 2026-09-19: 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.

3 sources. https://clstr.news/cluster/pdvsa-signs-oil-development-agreements-with-continental-resources-and-totalenergies

### 2026-09-15: 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.

46 sources. https://clstr.news/cluster/geopark-enters-venezuelas-bar-block-via-25-year-oil-deal

### 2026-09-03: 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.

10 sources. https://clstr.news/cluster/geopark-enters-venezuelan-oil-market-via-bare-block-acquisition

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Cite as: GeoPark Baré Block oil development in Venezuela. CLSTR, https://clstr.news/situations/geopark-bar-block-oil-development-in-venezuela