Baker McKenzie advised GeoPark Ltd. on its strategic entry into Venezuela through a 25-year Production Participation Contract (Contrato de Participación Productiva de Hidrocarburos CPPH) relating to the Bare Block in the Orinoco Heavy Oil Belt.
The transaction, valued at USD 1.2 billion, marks GeoPark's entry into one of Venezuela's giant-scale brownfield heavy oil asset acquisition with 15.7 billion barrels of OOIP, over 1,100 existing wells, and decades-long production up-side, representing a significant investment in the country's energy sector. The transaction delivers US$160 million in immediate value accretion for shareholders and marks a major milestone in the reactivation of Venezuela’s energy sector.
The project was structured under Venezuela's Production Participation Contract framework and involved extensive regulatory, sanctions, and dispute resolution considerations.
The Baker McKenzie team in Caracas advised GeoPark on the negotiation and implementation of the Production Participation Contract and related arrangements with Petróleos de Venezuela, S.A. (PDVSA) and the Ministry of People's Power for Petroleum.
María Eugenia Salazar-Furiati, Co-head of the Energy Practice and Hydrocarbons Regulatory Group in Baker McKenzie's Caracas office, together with Carlos Felce and Ronald Evans, led the matter. She was supported by Héctor Martínez and Federico Palma and Beatriz Riviere, associates in the Caracas office.
The transaction drew on Baker McKenzie's cross-border capabilities across Latin America and North America. Alejandro Mesa and Jaime Trujillo in Bogotá, as well as Ronald Evans in Caracas provided strategic regional support and coordination. Alexander Lamy in Washington, DC advised on OFAC and regulatory considerations, Marc Paul in Washington, DC advised on US Law corporate matters, while Andrew Riccio in New York supported the structuring of dispute resolution provisions under US Law.
GeoPark announced the transaction on 2 September 2026. According to the company, the Bare Block development forms part of its long-term growth strategy and expands its presence in one of Latin America's most significant hydrocarbon basins.
Learn more about the transaction in GeoPark's announcement here.
The transaction, valued at USD 1.2 billion, marks GeoPark's entry into one of Venezuela's giant-scale brownfield heavy oil asset acquisition with 15.7 billion barrels of OOIP, over 1,100 existing wells, and decades-long production up-side, representing a significant investment in the country's energy sector. The transaction delivers US$160 million in immediate value accretion for shareholders and marks a major milestone in the reactivation of Venezuela’s energy sector.
The project was structured under Venezuela's Production Participation Contract framework and involved extensive regulatory, sanctions, and dispute resolution considerations.
The Baker McKenzie team in Caracas advised GeoPark on the negotiation and implementation of the Production Participation Contract and related arrangements with Petróleos de Venezuela, S.A. (PDVSA) and the Ministry of People's Power for Petroleum.
María Eugenia Salazar-Furiati, Co-head of the Energy Practice and Hydrocarbons Regulatory Group in Baker McKenzie's Caracas office, together with Carlos Felce and Ronald Evans, led the matter. She was supported by Héctor Martínez and Federico Palma and Beatriz Riviere, associates in the Caracas office.
The transaction drew on Baker McKenzie's cross-border capabilities across Latin America and North America. Alejandro Mesa and Jaime Trujillo in Bogotá, as well as Ronald Evans in Caracas provided strategic regional support and coordination. Alexander Lamy in Washington, DC advised on OFAC and regulatory considerations, Marc Paul in Washington, DC advised on US Law corporate matters, while Andrew Riccio in New York supported the structuring of dispute resolution provisions under US Law.
GeoPark announced the transaction on 2 September 2026. According to the company, the Bare Block development forms part of its long-term growth strategy and expands its presence in one of Latin America's most significant hydrocarbon basins.
Learn more about the transaction in GeoPark's announcement here.
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