Colombian Billionaire Jaime Gilinski Moves To Take Control Of GeoPark In $500 Million Venezuela Oil Deal

African Energy Week 2026 will focus on Venezuela's new investment framework, attracting international energy companies. Venezuela enacted reforms in January 2026, introducing Production Participation Contracts (PPCs). Eni, GeoPark, and Chevron have signed agreements, with Chevron planning a $7 billion investment. The forum will discuss opportunities in Venezuela's energy sector, which holds significant oil and gas reserves.

GeoPark Limited (GPRK) acquired the Bare Block in Venezuela's Orinoco Belt, aiming to boost production to 70,000-83,000 boepd by 2030. The 25-year deal with PDVSA involves a 65% working interest and full funding of capital expenditures. CEO Felipe Bayon highlighted the potential for long-term value creation, while noting political and infrastructure risks.

GeoPark Ltd (GPRK) received an amended Schedule 13D from Colden Investments and Jaime Gilinski, outlining their ownership and a potential change of control. They collectively own 55.5% of GPRK's shares. A deal with Panamerican Energy Holdings could issue up to 47.6M new shares and trigger a $12.22 tender offer, with PEH gaining governance rights. The transaction is conditional and not yet closed.

GeoPark (GPRK) will issue 42.1 million shares at $12.22 each to acquire Grupo Gilinski's 95% interest in the Bare oil block in Venezuela, valuing the deal at ~$160M. Post-transaction, Gilinski will own ~56.3% of GeoPark, with a potential increase to 58.4%. The deal includes a $100M tender offer at $12.22/share. GeoPark aims to boost Bare's production to 44,000 bpd by 2029-2030, with a 25-year contract with PDVSA Petróleo.

GeoPark Ltd. announced the Gilinski family obtained the Bare Block rights in Venezuela, with GeoPark to operate it. GeoPark will issue 42.1M new shares at $12.22 to acquire 95% of the Bare contract, giving Gilinski family 56.3% control. Bare produces 11,000 barrels/day, with potential for 95,000. Completion depends on regulatory and sanctions compliance, estimated to take up to 120 days. GeoPark's stock initially rose 12% before retreating.

GeoPark Limited has entered Venezuela by acquiring the Bare block in the Orinoco Oil Basin, which has a production potential of 85,000-95,000 barrels per day. The deal, facilitated by the Gilinski Group, includes a 25-year contract with PDVSA. GeoPark projects its total production to reach 75,000-85,000 barrels per day by 2030. The Gilinski Group will gain control of 58.4% of GeoPark's capital.