GeoPark said on September 2, 2026, that it could raise production to 75,000 to 85,000 boepd by 2030, about 2.7 times its 2025 average output of 28,233 boepd, by pairing a new Venezuelan block with growth in Argentina’s Vaca Muerta shale. The company’s latest quarterly output was 27,271 boepd in the second quarter of 2026. The numbers are clean. The power behind them isn’t.
Who Holds the Block
The Bare block in Venezuela currently produces about 11,000 barrels of oil per day, and GeoPark says it sees potential to raise that to 85,000 to 95,000 bopd at peak. The company will operate the block under a 25-year Production Participation Contract with PDVSA, Venezuela’s state oil company, and holds a 65% net interest in the project. That’s the arrangement: a private firm, a state oil giant, and a long contract built to keep the extraction machine humming.
GeoPark’s redevelopment plan for Bare targets cumulative net production of about 400 million barrels. It also aims to increase the field’s recovery factor from 4% to 5% to 8% to 9%. Those are the figures the company is selling upward, while the costs and consequences sit somewhere below the spreadsheet.
Who Pays for the Expansion
In Argentina, GeoPark currently produces about 1,400 boepd in Vaca Muerta and aims to reach 5,000 to 6,000 boepd by the end of 2026. The company is investing more than US$1 billion in Vaca Muerta to boost output. The report said Vaca Muerta is a vast shale formation in Argentina, similar to the Permian Basin in the United States. Big money, bigger drilling, same old logic: extract more, faster, for longer.
The company said Bare output could reach 18,000 to 20,000 bopd in 2027, 31,000 to 33,000 in 2028, and 44,000 to 56,000 bopd by 2029 to 2030. It also said the block could reach a net plateau of 55,000 to 62,000 bopd for more than a decade. The projections assume Brent crude prices of US$70 to US$80 per barrel. Nothing here is guaranteed. The company itself said the numbers depend on execution, prices, drilling campaigns and the absence of delays or cost overruns.
Who Gets the Company
The report said GeoPark’s entry into Venezuela also hands control of the company to Colombia’s Gilinski group. The Gilinski group, led by billionaire Jaime Gilinski, has been increasing its stake in GeoPark. That ownership change was reported in September 2026. So while the company talks about output, recovery factors and long-term plateaus, control keeps moving upward into the hands of capital with a billionaire at the top.
GeoPark is a Latin American oil and gas firm listed on the New York Stock Exchange, with operations in Colombia, Ecuador and Brazil in addition to its new ventures. Analysts viewed the targets as ambitious but achievable if execution goes well. That’s the language of the boardroom: ambitious, achievable, if. The people living with the consequences don’t get a line item in the forecast.
The company’s own projections show the scale of the push. GeoPark said its 2025 average output was 28,233 boepd, and its most recent quarterly output was 27,271 boepd in the second quarter of 2026. By 2030, it wants nearly triple that. The machinery of extraction doesn’t sleep. It just changes owners, signs new contracts, and calls it growth.