GeoPark Enters Venezuela Oil Market via Bare Block Deal

GeoPark Limited announced on September 3, 2026, that it will enter the Venezuelan oil market to operate the Bare block in the Orinoco heavy oil belt. The company signed a 25-year production participation contract with PDVSA Petroleo S.A. for the asset, which contains approximately 15.7 billion barrels of oil in place.

Under the terms of the agreement, GeoPark will fund all capital spending and maintain a 65% working interest in the block. To facilitate the acquisition, GeoPark will issue 42.1 million new shares to Colombia's Grupo Gilinski, valuing the transaction at approximately US$160 million. This issuance will give Grupo Gilinski a controlling stake of about 56.3% in GeoPark, with the potential to reach 58.4% if contract terms improve before the deal closes.

The transaction remains subject to regulatory approvals. Specifically, it requires a mandatory license from the US Office of Foreign Assets Control due to existing sanctions on Venezuela.