GeoPark Enters Venezuela Through Acquisition of Bare Block Asset
GeoPark (GPRK:NYSE) has announced its entry into the Venezuelan oil market by acquiring the Bare Block asset, a significant heavy-oil producing field located in the Orinoco Heavy Oil Belt. The acquisition will be executed under a 25-year Production Participation Contract with PDVSA, Venezuela's state-owned oil company. GeoPark holds a 65% net interest in the deal and is expected to operate the asset independently while working alongside PDVSA for production management. This move marks GeoPark’s expansion into new geographic markets and reflects its strategic focus on high-potential heavy-oil assets.
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Topics: acquisition GeoPark oil Venezuela