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GeoPark Baré Block oil development in Venezuela

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-20 20:48 UTC → 2026-09-21 16:22 UTC · added removed

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. While current production is near 11,000 barrels per day, the project aims to scale production significantly. The transaction, valued at approximately $1.2 billion, includes a restructuring where the Gilinski Group will become the majority shareholder of GeoPark, controlling about 56.3% of the company. GeoPark. This development is part of a broader trend of increasing international interest in Venezuela’s hydrocarbon resources. Continental Resources PDVSA has progressed expanded its involvement by signing an agreement reach through new agreements with Continental Resources to operate and develop approximately 51,000 hectares in the Orinoco Belt. Continental CEO Doug Lawler noted that while operations could begin within six months of signing, the timeline remains uncertain due to logistical challenges Belt, and the need for significant capital investment in infrastructure. Furthermore, PDVSA has signed a memorandum of understanding with TotalEnergies E&P New Ventures for strategic cooperation in hydrocarbons. cooperation. TotalEnergies has previously indicated expressed interest in developing commercial schemes to transport transporting heavy crude from Venezuela to the U.S. Gulf Coast, specifically for processing at its Port Arthur refinery in Texas. This follows Chevron’s announcement of Additionally, Chevron has announced a $7 billion investment over five years, which aims years to increase local production 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 600,000 barrels per day. 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.

Versions

  1. 2026-09-21 16:22 UTC GeoPark Baré Block oil development in Venezuela
  2. 2026-09-20 20:48 UTC GeoPark Baré Block oil development in Venezuela
  3. 2026-09-19 01:42 UTC GeoPark Baré Block oil development in Venezuela
  4. 2026-09-17 15:15 UTC GeoPark Baré Block oil development in Venezuela
  5. 2026-09-16 15:52 UTC GeoPark Baré Block oil development in Venezuela

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