Gilinski Group and GeoPark Near Deal for Venezuelan Oil Field

The Gilinski Group and GeoPark Ltd are nearing a deal to operate the Bare oil field in Venezuela's Anzoátegui state. Located in the Orinoco Oil Belt, the field produces heavy and extra-heavy crude but has declined due to years of mismanagement and underinvestment.

To facilitate this entry into the Venezuelan market, Jaime Gilinski led the Gilinski family in investing $107 million into GeoPark. The deal is made possible by a new investor-friendly hydrocarbons law intended to attract foreign capital and revive an oil industry previously crippled by sanctions.

This economic shift follows a change in Venezuela's political landscape in January, when the United States government orchestrated the removal of Nicolás Maduro and the installation of Delcy Rodríguez. The Bare field is currently operated by the Cavallino Oil Company, which is owned by businessman Carlos Enrique Abreu Bello.