Business · Companies · 4 hrs ago
GeoPark’s 25-year contract to develop Venezuela’s Bare block takes effect
Colombian oil company GeoPark’s 25-year contract to develop the Bare block in Venezuela has taken effect.
The block is in the Orinoco Oil Belt, and GeoPark reached agreements with state-owned PDVSA before formally entering the project.
As part of the deal, GeoPark acquired the remaining 95% stake in CPP Holdco by issuing ordinary shares to a subsidiary of Grupo Gilinski.
GeoPark will operate the block with a 65% net interest and fund all capital investment.
The company has assessed restarting 300 to 400 wells and says it is focused on stabilising output and repairing infrastructure.
GeoPark aims to take operational control before year-end, after which it expects to include the asset in its financial results.
The block’s production and infrastructure are the focus as the company prepares to restart operations.
GeoPark said its 25-year contract to develop Venezuela’s Bare block has taken effect.
The Colombian oil company also completed a related transaction involving the remaining 95% stake in CPP Holdco.
GeoPark will operate the area with a 65% net interest and fund all capital investment.
The contract gives GeoPark direct marketing rights and access to infrastructure.
The company is preparing to take operational control before the end of the year.
- Who
- GeoPark, a Colombian oil company, and Venezuela’s state oil company PDVSA.
- What
- GeoPark’s 25-year productive participation contract to develop the Bare block has taken effect. GeoPark also completed the purchase of the remaining 95% stake in CPP Holdco.
- When
- GeoPark announced the contract’s entry into force on Monday, November 2, 2026.
- Where
- The Bare block in Venezuela’s Orinoco Oil Belt.
- Why
- Not stated
This story does not have two clearly opposing sides.
GeoPark completed some contractual and regulatory milestones ahead of the 120-day period, including approval of Bare’s business and development plans.
GeoPark announced that the contract had taken effect and that the related CPP Holdco transaction was complete.
GeoPark plans to assume operational control of Bare.
- Contract term
- 25 years
- GeoPark net interest
- 65%
- CPP Holdco stake acquired
- Remaining 95%
- Capital investment
- GeoPark will finance 100%
- Wells assessed for reactivation
- 300 to 400
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What people are saying
intense technical, contractual and operational coordination