Colombian GeoPark makes strategic entry into Venezuela's Orinoco oil belt
Wichtigste Punkte
- Colombian GeoPark acquired the Bare block in Venezuela's Orinoco oil belt.
- The block has 1.100 wells, current daily production of 11.000 barrels, and potential of 95.000 barrels per day.
- GeoPark signed a 25-year Joint Production Participation Agreement with PDVSA.
- The company's main shareholder is Colombia's wealthy Gilinski Group.
In Zahlen
Colombian oil company GeoPark announced its "strategic entry" into the country by acquiring the Bare block in Venezuela's Orinoco oil belt. The company described the block as a large-scale development opportunity due to existing production, established infrastructure, and significant remaining potential.
The Bare block contains approximately 1.100 wells and current production of 11.000 barrels per day, while its overall potential can reach up to 95.000 barrels per day. GeoPark signed a 25-year Joint Production Participation Agreement with Venezuela's state oil company PDVSA.
The company's main shareholder is the Gilinski Group, belonging to one of Colombia's wealthiest families. Group chairman Jaime Gilinski stated that he believes in Venezuela's potential and GeoPark's responsible development capabilities, expressing pride in contributing to the company's growth in the country.
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Häufige Fragen
- Which block did GeoPark acquire and where is it located?
- GeoPark acquired the Bare block in Venezuela's Orinoco oil belt.
- What is the block's production potential?
- The block currently produces 11.000 barrels per day but its potential can reach up to 95.000 barrels per day.
- How long will the agreement last and with whom was it signed?
- GeoPark signed a 25-year Joint Production Participation Agreement with Venezuela's state oil company PDVSA.
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