Brief
GeoPark is considering investing $6.8 billion in Venezuela’s Bare oil field under a contract signed with PDVSA. The proposed program includes returning existing wells to service, fixing mechanical failures, drilling additional wells and applying steam injection. Its scale makes the agreement a potentially significant oil-sector project, although the reported amount remains under consideration rather than representing a finalized capital deployment commitment.
A $6.8 billion program would represent a major commitment to rebuilding Venezuelan upstream capacity and test whether PDVSA can translate a signed company agreement into operating activity. The gap between contemplated capital and actual deployment remains crucial when assessing execution and counterparty risk.
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Oil And Gas · El Nacional - Economía
Sep 9, 2026
Watch for GeoPark to convert the contemplated amount into a firm capital plan, including a spending timetable and evidence that well reactivations, mechanical repairs, new drilling and steam injection have begun.