Venezuela Signs 25-Year Energy Deal with GeoPark to Boost Orinoco Belt Production

Venezuela has signed a significant energy agreement with the private sector to boost hydrocarbon production in the Orinoco Belt, as part of its efforts to attract foreign capital and revitalize its energy sector amidst economic challenges.

The acting president, Delcy Rodríguez, led the signing of an international energy agreement on hydrocarbons with representatives of the private sector, concluding a 25-year alliance between the state-owned Petróleos de Venezuela (PDVSA) and the GeoPark company, belonging to the Gilinski Group.

The strategic alliance aims to enhance the hydric recovery factor in the Bare field, with the private sector covering all necessary financial investments. The agreement consists of about 1,100 wells with a current gross production of 11,000 barrels, but with an overall potential of up to 95,000 barrels per day.

Rodríguez reaffirmed that revenues from oil trading will continue to be used to strengthen public services, health, education, and social welfare. This initiative is part of Venezuela's broader effort to attract foreign capital and revitalize its energy sector amidst economic challenges and it follows previous negotiations with international energy firms.

The Venezuelan energy sector is on the path to recovery, with strategic alliances and foreign investments playing a crucial role. The partnership with GeoPark exemplifies the country's efforts to attract capital and expertise to revitalize its petroleum industry.