GeoPark to Invest $7 Billion to Lift Output at Venezuelan Oilfield
7 Articles
7 Articles
The Colombian oil and gas producer GeoPark plans to invest US$7 billion in the large oil field in Bare, Venezuela, to raise the production of crude oil at the site to about 90,000 barrels per day by 2038, in front of the current 11,000 barrels per day, said, on Tuesday (29), the company's director-president, Felipe Bayon. With 15.7 billion barrels of oil originally existing in the reservoir, Bare will mark the entry of GeoPark in Venezuela, afte…
GeoPark to invest $7 billion to lift output at Venezuelan oilfield
Colombia's oil and gas producer GeoPark is planning a $7 billion investment in Venezuela's large Bare oilfield to increase crude output there to some 90,000 barrels per day by 2038 from a current 11,000 bpd, the company's chief executive, Felipe Bayon, said on Tuesday.
The company seeks to increase production of the Bare field, amid the arrival of new investments and the challenges facing the local industry.
The company collombo-chilena GeoPark estimates to make investments in Venezuela from 40 to 80 million dollars a year to reactivate more than 400 wells located in the Bare block, an oil field of the Orinoco Strip that was recently acquired by the company for a period of 25 years.
The oil and gas company GeoPark projects an investment of 7 billion dollars (US$ 7,000 MM) for the integral redevelopment of the oil field Bare, located in the Orinoco Oil Strip, with the objective of raising the production of the asset to about 90,000 barrels per day (bpd) by 2038, according to the director [...] The entry GeoPark plans to invest 7 billion dollars in the field Bare to raise its production to 90,000 bpd was first published in De…
The oil company expects, with this investment, to increase crude oil production there to about 90,000 barrels per day for 20238. The company plans to start operations in December
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