The company’s investment case will feature in discussions surrounding Venezuela Energy Week 2027, scheduled for February 22–25 at Caracas’ Eurobuilding Hotel. The event will connect international investors, operators and service providers with opportunities emerging under Venezuela’s revised hydrocarbon framework, including projects requiring substantial capital and infrastructure rehabilitation.

Bare Block’s Production and Monetization Framework

The Bare Block contains an estimated 15.7 billion barrels of original oil in place, with approximately 1,100 existing wells and current gross production of 11,000 bpd. Its historical output exceeded 100,000 bpd, while cumulative historical production has surpassed 700 million barrels, highlighting the potential for brownfield redevelopment.

Under the 25-year production participation contract, signed with PPSA, a subsidiary of state-owned Petróleos de Venezuela (PDVSA), GeoPark will operate the field with a 65% net working interest. The company will fund 100% of capital expenditure under approved work programs, while contractual commercialization rights are intended to support direct marketing of its crude allocation.

GeoPark structured its entry through an equity transaction involving 42.1 million shares issued to a Grupo Gilinski entity at $12.22 per share, reportedly a 26% premium to the relevant 30-day volume-weighted average price. The transaction gives Grupo Gilinski a controlling position, estimated at 56.3% initially and potentially 58.4%, while a $100 million tender offer provides a liquidity mechanism for minority shareholders.

The company has identified approximately $700 million in initial liquidity and financing, including $310 million in cash, to support the investment and its wider portfolio. GeoPark’s 2030 corporate targets rise to 75,000–85,000 bpd, with projected pro forma EBITDA of $925 million to $1.3 billion.

Phased Development Through 2038

The rollout begins in December 2026, when GeoPark expects to assume field operations and stabilize the existing 11,000-bpd production base. Initial spending of approximately $10 million will prioritize well cleanouts, pump repairs, surface-facility rehabilitation and assessments across the existing well inventory.

By 2030, the company targets gross production of 56,000 bpd, supported by annual capital expenditure reaching approximately $130 million. Plans include drilling 80 horizontal wells alongside reactivating existing vertical wells, with the objective of increasing the recovery factor from 4–5% to 8–9%.

Between 2031 and 2036, the development model anticipates an extended production plateau, supported by improved reservoir management and potentially enhanced recovery techniques. By 2038, GeoPark targets peak production of approximately 90,000 bpd, within a modeled range of 85,000–95,000 bpd, and more than 400 million barrels of cumulative net production over the contract’s life.

Venezuela Energy Week 2027 and Investor Considerations

Venezuela Energy Week 2027 will provide a platform to examine the legal framework, financing requirements and supply-chain capacity underpinning projects such as Bare Block. Chevron’s Venezuelan operations, bp’s Cocuina-Manakin gas opportunities and international oilfield-service providers including Halliburton and Baker Hughes illustrate the wider range of activity attracting industry attention.

GeoPark’s $7 billion development plan signals growing investment momentum in Venezuela’s energy sector, as international operators move beyond evaluating opportunities to committing capital and advancing projects. The Bare Block agreement demonstrates how Venezuela’s established resource base, producing assets and evolving regulatory framework are translating into long-term commercial commitments. With multibillion-dollar development plans taking shape and new partnerships emerging, Venezuela is positioning itself for a renewed cycle of upstream investment, production growth and international participation.

Venezuela Energy Week 2027 takes place February 22–25 at the Simon Bolivar Convention Center in Caracas. Organized by Energy Capital & Power and taking place under the patronage of Acting President Delcy Rodríguez, PDVSA and the Ministry of Hydrocarbons, VEW is the country's flagship oil and gas investment platform. To register or learn more about sponsorship and speaking opportunities, visit www.venezuelaenergyweek.com.