GeoPark to Invest $7B in Venezuela's Bare Field, Boosting Output to 90k bpd by 2038

Colombian oil firm GeoPark announced a $7 billion investment in Venezuela's Bare field, targeting output of 90,000 bpd by 2038, up from 11,000 bpd, following a 25-year production-sharing agreement signed earlier this month. This marks GeoPark's entry into Venezuela and signals renewed foreign investment in the country's oil sector, potentially easing supply constraints. The long timeline and reliance on political stability in Venezuela introduce significant execution risk.