Who are the key parties involved in the reported Venezuela oil deal, and what is their stated role?

The key parties are Colombia’s Gilinski Group—the country’s richest family and largest shareholder (28%) of GeoPark Ltd—and GeoPark Ltd, a Bogotá-based oil company. According to people familiar with the matter, the Gilinski Group and GeoPark are nearing a deal to operate the Bare oil field in Anzoátegui state, Venezuela, located in the Ayacucho area of the Orinoco Oil Belt.

What is the current operational status of the Bare oil field, and who previously operated it?

The Bare oil field produces heavy to extra-heavy crude, but its output has fallen sharply after years of underinvestment and inadequate maintenance. It was previously operated by Venezuela’s Cavallino Oil Company, which is owned by Venezuelan businessman Carlos Enrique Abreu Bello, who has longstanding ties to state-owned Petróleos de Venezuela SA.

Billionaire Gilinski, GeoPark Said to Be Near Venezuela Oil Deal

Aug 28, 2026

The Gilinski family and GeoPark are nearing a Venezuela oil deal for the Bare field, following a $107 million investment. This aligns with new investor-friendly laws and political shifts aiming to revive the nation's energy sector.

bloomberg

2026-08-28

Billionaire Gilinski, GeoPark Said to Be Near Venezuela Oil Deal

2026-09-04

Colombia's Grupo Gilinski, Geopark Sign Deal to Develop Venezuela Oil Field

Billionaire Gilinski, GeoPark Said to Be Near Venezuela Oil Deal

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