On September 4, 2026, Grupo Gilinski, majority shareholder of GeoPark, signed a 25-year agreement with Venezuelan President Delcy Rodríguez to develop the Bare block in the Orinoco Belt. ^[1] Colombian oil company GeoPark announced the strategic acquisition of the Bare oil block in Venezuela, a section of the Orinoco Belt. ^[2] Jaime Gilinski, president of the Colombian Grupo Gilinski and majority shareholder of GeoPark, met with Delcy Rodriguez, the interim president of Venezuela, in Caracas to announce a new oil agreement. ^[3] GeoPark, as operator, will finance 100% of the capital investments required under the approved work programs at Bare and will receive a net economic participation of 65%. ^[4] The Grupo , through its firm GeoPark, agreed in 2026 to enter a 25-year production participation contract (CPP) with Venezuela's PDVSA to develop the Bare heavy-crude block in the Faja Petrolífera del Orinoco, one of the world's largest hydrocarbon accumulations. ^[5] Under the agreement, GeoPark will acquire the Grupo Gilinski's 95% stake in the Bare block contract by issuing 42.1 million new shares at $12.22 per share, which will make the Grupo the controlling shareholder of GeoPark with about 56.3% of ordinary shares. ^[6] GeoPark estimated that the Bare block in Venezuela's Orinoco Belt holds approximately 15.7 billion barrels of oil originally in place. ^[7] GeoPark reported that the Bare block has produced more than 700 million barrels over its history and has about 1,100 existing wells with installed production infrastructure. ^[8] The 25-year agreement makes the Bare block GeoPark's main entry vehicle into the Venezuelan market, expanding the company's regional presence, which currently includes operations in Colombia and Argentina. ^[9] GeoPark described the Bare block as a major opportunity due to its existing infrastructure and production capacity, which could be significantly increased. ^[10] The Bare block currently consists of approximately 1,100 wells with a gross production of 11,000 barrels per day, but has a potential capacity of up to 95,000 barrels per day. ^[11] The Gilinski investment group, the company's largest shareholder, stated that the deal will convert the group into the controlling shareholder of GeoPark with a 20% stake. ^[12]