Colombia's Grupo Gilinski, Geopark sign deal to develop Venezuela oil field
GPRK•Deal signed for Bare oilfield development
Sept. 4 (Reuters) - 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 chairman of Grupo Gilinski, which is GeoPark's majority shareholder, Jaime Gilinski, appeared alongside interim President Delcy Rodriguez.
Latest in series of Venezuela oil signings
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.
Gilinski says GeoPark has technical and financial strength
"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."
