The Gilinski Group, through GeoPark, is entering Venezuela’s oil market with a 25-year contract with state oil company PDVSA. The agreement centers on the operation of the Bare field, located within the Orinoco Oil Belt, a region known for its heavy crude reserves. This marks a significant move for the Gilinski Group into the Venezuelan petroleum sector, a space previously restricted to limited foreign investment. The contract’s long-term nature suggests a calculated bet on the future stability and productivity of Venezuelan oil operations. Details regarding investment amounts and projected output have not yet been disclosed. This partnership arrives amidst ongoing international attention to Venezuela’s efforts to revitalize its oil industry, particularly following easing of some US sanctions. The move highlights a potential shift in Venezuela’s energy landscape as it seeks to attract foreign capital and expertise.