Gilinski Family Seizes Control of Venezuelan Oil Producer GeoPark

Colombian billionaire Jaime Gilinski is expanding his family's stake in GeoPark Ltd., an oil and gas producer operating in Venezuela. The company, which has a 20% stake in GeoPark, will acquire a 5% stake in the Bare Block contract with Venezuelan state-owned oil company Petróleos de Venezuela SA (PDVSA) for $12.22 per share.

The deal would leave Grupo Gilinski as the controlling shareholder of GeoPark with about 56.3% of its shares, according to a statement by GeoPark. The Bare Block contract has an estimated potential production capacity of up to 95,000 barrels per day.

This move comes as part of the US government-led push to revive Venezuela's oil industry, which has been hindered by sanctions on the country's oil sector. Executives from major energy companies, including Chevron Corp. and Eni SpA, joined US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodriguez to unveil a wave of deals aimed at boosting crude production.