GeoPark has renewed and expanded its crude offtake agreement with Vitol, extending the arrangement through the end of 2028 and covering oil production from several operated and non-operated blocks in eastern Colombia.
Image: GeoPark
Under the renewed agreement, GeoPark will deliver 100% of its crude production from the Llanos 34, Llanos 123 and CPO-5 blocks, all located in the Llanos basin, one of Colombia’s most active onshore oil-producing regions. The revised terms take effect in early 2026, with deliveries beginning in January for Llanos 34 and later in the year for Llanos 123 and CPO-5.
The updated offtake arrangement is expected to improve GeoPark’s realized pricing and provide greater commercial stability for its Colombian portfolio, offsetting recent cost pressures associated with inflation and midstream tariffs. The company said the agreement restores netbacks to levels comparable with earlier periods of basin development.
As part of the renewed framework, GeoPark will also have access to a flexible crude prepayment facility from Vitol, providing optional funding support tied to future oil deliveries. The facility does not require mandatory drawdowns and can be repaid through production or prepaid without penalty, offering the operator additional financial flexibility as it executes its medium-term development plans.
GeoPark operates the Llanos 34 and Llanos 123 blocks and holds a non-operated interest in CPO-5, all of which form the core of its Colombian production base. Vitol, one of the world’s largest energy traders, maintains a longstanding commercial presence in Colombia and across Latin America.
