GeoPark plans multibillion-dollar oil investment in Venezuela's Bare field

The website Descifrado reported that oil company GeoPark expects to invest about $6.8 billion (cifra_2) in developing the Bare field, located in Venezuela. This investment, which will be carried out over the term of the contract signed with Petróleos de Venezuela (PDVSA), is part of new foreign-capital projects seeking to revive hydrocarbon production in the country.

According to data published by Descifrado, the project involves recovering existing wells, rehabilitation work and drilling new wells using steam-injection processes. Through these operations, the company estimates that the Bare field could produce around 600 million barrels (cifra_3) of crude, a volume that positions the asset as a significant piece of the national energy recovery strategy.

This move comes amid a reconfiguration of Venezuela's oil policy. In this regard, the newspaper El Nacional reported that the oil agreement promoted by the White House stipulates control over more than 65 billion barrels of reserves (ctx2_cifra_1) in the country, which would generate an estimated fiscal benefit of $200 billion (ctx2_cifra_2) for the Venezuelan state.

However, the process is not free of domestic political debate. The same Descifrado report includes statements by economist José Guerra, who warns that the current conditions of the agreement with the United States could cost Venezuela about $6 billion (cifra_1), highlighting tensions over the distribution of rents and the terms of opening up to transnational capital.