Colombia's Richest Man Turns Venezuelan Oil Contract Into $500 Million GeoPark Stake

What happened: Colombian billionaire Jaime Gilinski is set to take control of GeoPark Ltd. after converting a 25-year Venezuelan oil contract for the Bare heavy crude field into newly issued shares, per Bloomberg. Key numbers: Stake initially valued above $500 million, about $515 million in new shares. Why it matters: The deal shows investors with government ties racing into Venezuelan assets after Maduro's removal and relaxed US energy sanctions. It would make Gilinski majority shareholder while GeoPark funds development, and it disrupted a competing takeover bid.

Colombian billionaire Jaime Gilinski is set to take control of GeoPark Ltd. after converting a 25-year Venezuelan oil contract for the Bare heavy crude field into newly issued shares, per Bloomberg.

The deal shows investors with government ties racing into Venezuelan assets after Maduro's removal and relaxed US energy sanctions. It would make Gilinski majority shareholder while GeoPark funds development, and it disrupted a competing takeover bid.