GeoPark to Operate Orinoco Oil Belt Block for 25 Years as Venezuela Reopens to Foreign Firms

GeoPark has agreed to operate the Bare block in Venezuela's Orinoco Oil Belt for 25 years, part of a wave of agreements signaling Venezuela's reopening to international oil companies. The deal marks a notable shift in Venezuela's energy policy, though financial terms and production targets remain undisclosed. This could boost Venezuela's oil output and attract further foreign investment, with implications for global supply and regional geopolitics.