Brief
Colombian company GeoPark has signed a 25-year contract with Venezuela to operate the Bare block in the Orinoco Oil Belt. The project is expected to reach production of 95,000 barrels per day. The agreement places a Colombian company in a long-duration Venezuelan upstream role and establishes a clear production ambition, although the source provides no timetable for reaching that level.
The contract’s 25-year duration and 95,000-barrel-a-day target give it potentially meaningful scale. For allocators, it provides a concrete test of whether Venezuela can convert new agreements with foreign companies into sustained oil production rather than leaving them at the announcement stage.
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Oil And Gas · Efecto Cocuyo - Economía
Sep 5, 2026
Watch for an operating timetable, initial production milestones and reported output from the Bare block, which would show whether the project is progressing toward the stated 95,000-barrel-a-day target.