GeoPark plans $7 billion spend in Venezuelan oil field

GeoPark plans to invest $7 billion in capital and operating expenses at the Bare oil field in Venezuela. The project aims to raise crude production from 11,000 barrels per day to around 90,000 barrels per day by 2038, according to remarks made by CEO Felipe Bayón at the Venezuela International Oil and Gas Summit in Caracas, as reported by Reuters on October 2, 2026.

The company expects to start operations in December in the Orinoco Belt area. The Bare block holds an estimated 15.7 billion barrels of original oil in place. This entry follows a 25-year production-sharing agreement signed with the government in early September, an operation led by Grupo Gilinski announced on September 2.

The development will run across four phases using existing infrastructure. GeoPark projects reactivating up to 1,100 wells and subsequently drilling about 80 new horizontal wells. Bayón noted that this investment covers capital expenditure and operating costs to maximize output recovery.

Together with output growth in Vaca Muerta, Argentina, GeoPark estimates Bare could lift total company production to between 75,000 and 85,000 barrels of oil equivalent per day by 2030, roughly 2.7 times current levels. To fund the initial phase, GeoPark holds about $700 million in available liquidity and committed financing sources, including $310 million in cash.