GeoPark sets capex budget to support 2025 production of 35,000 boe/d
GeoPark Ltd., Bogota, Colombia, has set a work program for 2025 guiding a capital expenditures program of $275-310 million to support production of 35,000 boe/d across Colombia, Ecuador, Brazil, and Vaca Muerta in Argentina. The production mix is expected to be about 97% oil and 3% natural gas, with 22% unconventional and 78% conventional.
At an expected Brent price of $70-80/bbl, GeoPark is considering a 2025 drilling program of 23-31 gross wells (including 10-15 gross exploration and appraisal wells), with about 65% to be allocated to development activities and 35% to exploration and appraisal activities.
In the Vaca Muerta in Argentina, the company expects to drill 10-12 wells at a cost of $195-220 million and produce about 7,400 boe/d.
The focus will be on accelerating production and reserves growth at Mata Mora Norte block and the pursuit of 7-8 gross development wells plus necessary infrastructure and facilities expansion to continue “optimizing operations and delivering increased volumes to market.”
At Confluencia Sur block, the focus is on continued de-risking through exploration drilling. The capital expenditure program will include 3-4 gross exploration wells, as well as the net carry consideration of the committed exploratory activity, which will complete GeoPark’s obligation in full, the company said.
In Colombia, the company plans a total of 13-19 wells at a cost of $80-90 million for production of 26,000 boe/d.
In the Llanos 34 block, the company plans 5-7 gross development, appraisal, and injector wells, plus infrastructure and facilities. The focus will be on maximizing recovery factors in the fields, managing the decline through an optimization of base production (waterflooding, pilot polymer flooding project, pump upsizing projects, and workovers) and maximizing economics, the company said.
At CPO-5 block, the drilling campaign will focus exclusively on exploration activities, with 2-4 exploration wells expected. Indico field has been fully developed and activities will concentrate on managing production decline through a workover campaign.
Llanos activity will focus on increasing production and reserves through the delineation and development of new discoveries in Llanos 123 Block (Toritos, Saltador, and Bisbita) and drilling the first exploration wells in the Llanos 104 Block. A total of 5-6 gross wells are expected.
At Putumayo, Platanillo field has been shut in due to a high-cost structure. No production is included in the 2025 guidance. Activities in the basin will focus on continuing the exploration campaign initiated in fourth-quarter 024 in the PUT-8 block with 1-2 gross wells.
In Ecuador, the company expects production of about 1,000 boe/d. In Brazil, production of 600 boe/d is expected.
Looking ahead, the company is targeting 70,000 boe/d by 2028, and 100,000 boe/d by 2030.