Commodities
GeoPark Pumps $7 Billion into Venezuela's Bare Oilfield
GeoPark, a Colombian oil and gas producer, is set to invest $7 billion in Venezuela's large Bare oilfield. The company aims to increase crude output from the current 11,000 barrels per day to 90,000 bpd by 2038.
The investment will allow GeoPark to enter the Venezuelan market for the first time through a 25-year production-sharing agreement signed with the government earlier this month.
According to CEO Felipe Bayon, up to 1,100 wells will be reactivated and around 80 new horizontal wells could be drilled as part of the redevelopment project in four phases.