COLOMBIA · ENERGY
Key Facts
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- Power Index Venezuela ranks 13th of 14 in The Rio Times Latin America Power Index, with 27.0 points (October 2026 edition).
- What is happening GeoPark, a Colombia-based oil company listed in New York, said its 25-year contract for Venezuela’s Bare Block took effect on Monday, 2 November.
- Why it matters The company will operate a Venezuelan oil block while its largest shareholder, Grupo Gilinski, takes control with about 56.3% of the shares.
- The numbers GeoPark holds a 65% net share and pays 100% of capital spending under approved work plans. It issued 42,135,872 new shares and paid no cash.
- Who is who PDVSA Petróleo S.A. is the Venezuelan counterparty. Grupo Gilinski is a Colombian business group, and Felipe Bayón is GeoPark’s chief executive.
- What to watch A tender offer at US$12.22 a share for up to US$100 million within 90 days, takeover of the block by year-end, and any US licence.
- What it means for you GeoPark trades on the NYSE as GPRK, so US shareholders are directly affected. This is a news report, not investment advice.
GeoPark said its 25-year Venezuela oil contract is in force. Its largest shareholder now controls the company.
GeoPark, a Bogotá-based oil firm listed in New York, said its 25-year Venezuela Bare Block contract took effect on Monday, 2 November. It will operate the block and hold a 65% net share.
Grupo Gilinski, a Colombian business group, became GeoPark’s controlling shareholder with about 56.3% of its shares. The company says all required authorizations were obtained but names no US sanctions licence.
What the Contract Gives GeoPark
The deal is a production participation contract with PDVSA Petróleo S.A., the counterparty named in the filing. PDVSA is Venezuela’s state oil company.
GeoPark pays 100% of capital spending under approved work programs, the company said. The contract also gives it direct marketing rights, access to key infrastructure and contractual economic protections.
The Bare Block lies in Venezuela’s Orinoco Oil Belt. The contract rests on a reform of the Organic Hydrocarbons Law published on 29 January 2026.
The Work Plan
GeoPark has assessed 300 to 400 wells for reactivation. The first phase covers stabilising output, reactivating wells, repairs and rebuilding oil infrastructure.
It aims to take operational control of the block before the end of 2026. Only then will it add the block’s results to its accounts.
Chief executive Felipe Bayón said the focus now shifts to “a safe and disciplined takeover”. The release gives no production target, investment figure or date for first output.
Gilinski Takes Control
GeoPark paid for the contract holder in shares, not cash. It issued 42,135,872 new shares to a Grupo Gilinski company for the remaining 95% of the holding firm.
Grupo Gilinski holds about 56.3% of GeoPark and can now nominate at least five directors, up from three. It could receive up to 5,421,589 more shares if milestones are met by 1 December, lifting its stake to about 58.4%.
Within 90 days Grupo Gilinski must offer to buy other shareholders’ shares at US$12.22 each, up to US$100 million in total. That tender offer has not started, and its terms come at launch.
The Sanctions Question
The company says the contract took effect after all required authorizations were obtained. The release does not name a US Treasury licence.
The September share purchase agreement made a US licence a closing condition only if specifically required. It also says that, to the seller’s knowledge, signing the contract met US Treasury General License 52B.
What It Means for US Readers
GeoPark trades on the NYSE as GPRK, so US holders are directly affected by the tender offer. The release says the offer has not yet started.
Earlier Rio Times reports covered the licence gap and the Gilinski control deal. See also the Venezuela and US tensions pillar, the Colombia guide and the Bogotá page.
What Is Not Known
It is not known whether a specific US licence was required or issued. The company does not say which authorizations it received.
The release gives no output, spending or first-oil date. It does not say when the tender offer starts.
What Comes Next
GeoPark expects to take control of the block before year-end. The 1 December milestone date and the 90-day tender window are the next set dates.
Frequently Asked Questions
What did GeoPark announce?
On Monday, 2 November, it said its 25-year contract for Venezuela‘s Bare Block took effect. It will operate the block with a 65% net share.
Who controls GeoPark now?
Grupo Gilinski holds about 56.3% after receiving 42,135,872 new shares. It must offer to buy other shares at US$12.22 within 90 days.
Does the deal have US sanctions clearance?
The company says it obtained all required authorizations but names no US licence. Whether one was required is not stated.
How much oil will the block produce?
The release gives no production target. It says 300 to 400 wells have been assessed for reactivation.
Sources: GeoPark Limited, Form 6-K with press release of 2 November 2026; GeoPark Limited, Form 6-K with share purchase agreement of 2 September 2026 (all accessed 3 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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