GeoPark Bets on Venezuela and Vaca Muerta to Nearly Triple Output

GeoPark, a Latin American oil and gas firm, anticipates a dramatic 2.7-fold increase in production by 2030. This surge is primarily due to new operations in Venezuela and growth in Argentina's Vaca Muerta shale formation. The company projects its output to reach 75,000-85,000 barrels of oil equivalent per day (boepd) by the end of 2030, nearly tripling its 2025 average output of 28,233 boepd.

GeoPark's growth strategy involves developing the Bare oil field in Venezuela and expanding Vaca Muerta's shale production in Argentina. According to GeoPark's September 2, 2026 press release, the Bare block, currently producing around 11,000 barrels of oil per day (bopd), could potentially reach 85,000-95,000 bopd at its peak. The company holds a 65% net interest in this Venezuelan project under a 25-year production participation contract with PDVSA, Venezuela's state oil company.

In Argentina, GeoPark aims to increase its current Vaca Muerta output of 1,400 boepd to 5,000-6,000 boepd by the end of 2026. The company has invested over US$1 billion in Vaca Muerta to achieve this growth. By 2029-2030, GeoPark anticipates this block could produce 44,000-56,000 bopd, with a net plateau of 55,000-62,000 bopd for over a decade.

The Bare block is expected to ramp up gradually. Productions are projected to increase from 18,000-20,000 bopd in 2027, rising to 31,000-33,000 boepd in 2028, and reaching 44,000-56,000 bopd by 2029-2030. GeoPark's projections assume Brent crude prices of US$70-80 per barrel, based on the September 2, 2026 press release.

GeoPark's entry into Venezuela and its backing by the Gilinski group, led by billionaire Jaime Gilinski, provide new financial and operational support for these ambitious targets. Despite the political and operational risks inherent in Venezuela's oil industry, the company expects stable oil prices and successful drilling campaigns to meet its ambitious output projections.