Colombian business magnate Jaime Gilinski has struck a major deal in Venezuela, agreeing to operate an oil field for the next quarter century. On Friday, September 4, Gilinski met with Delcy Rodríguez, Venezuela’s acting president, to formally sign the 25-year contract covering the Bare block, part of the vast Orinoco Belt, one of the world’s largest crude oil reserves.
The Bare block includes roughly 1,100 wells and is currently producing about 11,000 barrels of crude oil per day before refining, according to figures released alongside the announcement.
Officials described the agreement as a way to secure a “strategic” entry for Gilinski’s energy operations in the country, while also aiming to reassure and attract further international investment into Venezuela’s battered oil sector, which has struggled for years under U.S. sanctions and years of underinvestment.
Gilinski, one of Colombia’s wealthiest businessmen, has built a sprawling portfolio spanning banking, real estate, and consumer goods, including a notable stake in Colombian food conglomerate Grupo Nutresa. His move into Venezuelan oil marks a notable expansion for the tycoon into the energy sector at a moment when Caracas is eager to court foreign capital to revive crude production.
For more details on the agreement and its implications for Venezuela’s oil industry, read the full report at El Tiempo.
Source: Jaime Gilinski se reunió con Delcy Rodríguez en Venezuela: firman acuerdo para operar bloque petrolero por 25 años (eltiempo.com). English version produced with AI assistance.
Image: ErgoSum88.