What is the nature and duration of the agreement signed between Grupo Gilinski, Geopark, and PDVSA for the Bare oilfield?

The agreement is a 25-year joint development deal for Venezuela's Bare oilfield, signed by Colombia's Grupo Gilinski, its majority-owned company Geopark, and Venezuela's state oil company PDVSA. As stated in the body, it is 'the latest in a series of signings by international oil companies to expand or begin operations in Venezuela' and was formalized in a ceremony broadcast on Venezuelan state television.

According to Jaime Gilinski, what are Geopark's key qualifications for the Bare field project, and how does he characterize the significance of the deal beyond commerce?

Jaime Gilinski, chairman of Grupo Gilinski and Geopark's majority shareholder, stated that 'GeoPark has the proven technical experience needed to responsibly increase the recovery factor at the Bare field, as well as the financial strength required to assume the full capital investment needed for this project.' He further emphasized that 'this agreement is not simply a commercial transaction. It is a declaration of shared faith in Venezuela's future, in its people and in the immense potential of its natural resources.'

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

Sep 4, 2026

Grupo Gilinski and Geopark signed a 25-year agreement with Venezuela's PDVSA to jointly develop the Bare oilfield, marking another expansion by international oil companies in the region.

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