Latin American oil company GeoPark will take over the Venezuelan cattle field within 60 days, Bloomberg reports. The facility currently produces about 11 thousand barrels of oil per day, but in the future the figure could increase to 85-95 thousand barrels. The field will be transferred to the state-owned company Petóleos de Venezuela SA, as part of a 25-year production sharing agreement.

Latin American oil company GeoPark will take over the Venezuelan cattle field within 60 days, Bloomberg reports. The facility currently produces about 11 thousand barrels of oil per day, but in the future the figure could increase to 85-95 thousand barrels. The field will be transferred to the state-owned company Petóleos de Venezuela SA, as part of a 25-year production sharing agreement.