Colombia's Grupo Gilinski, Geopark sign deal to develop Venezuela oil field

Colombia's Grupo Gilinski ​and Geopark on Friday ​signed a deal ‌to jointly ​develop the Bare oilfield in Venezuela with state oil ‌company PDVSA, a ceremony on state television showed. The chariman of Grupo Gilinski, which is GeoPark's majority shareholder, Jaime ‌Gilinski, appeared alongside interim President Delcy Rodriguez.

"GeoPark has ‌the proven technical experience needed to responsibly increase the recovery factor at the Bare field, as well as the financial ⁠strength ​required to ⁠assume the full capital investment needed for this project," Gilinski ⁠said. "This agreement is not simply a commercial transaction. ​It is a declaration of shared faith in ⁠Venezuela's future, in its people and in the immense potential ⁠of ​its natural resources." The 25-year deal is the latest in a series of signings ⁠by international oil companies to expand or begin operations in Venezuela. ⁠The ⁠deals are separate from a Caracas-Washington deal recently unveiled that gives the U.S. ‌access ‌to 17 oilfields.