GeoPark, a private oil company, announced the acquisition of exploration and production assets from Frontera Energy in Colombia for US$400 million. This deal will enable the firm to boost its output from 28,000 to nearly 70,000 barrels per day, projecting 95,000 barrels by 2028. It will position GeoPark as Colombia's largest private producer, accounting for 10% of national crude output.
GeoPark ended the previous year with an average annual production of 28,233 barrels of oil equivalent per day (boepd). The acquisition of 17 blocks from Frontera Energy, valued at a firm US$375 million plus US$25 million contingent, will triple its output, more than double its reserves, and grow its EBITDA from US$300 million to US$950 million annually by 2028.
Felipe Bayón, GeoPark's CEO, stated that private oil firms contribute 35% to Colombia's crude production, which stands around 750,000 barrels per day. This deal will give GeoPark nearly 10% of the total. "We will reach 90,000 bpd in 2028 and become the largest private oil company in the country," Bayón said.
According to the National Hydrocarbons Agency (ANH), as of November 2025, Frontera produced 58,099 barrels per day, while GeoPark recorded 42,889. Together, they accounted for 12% of the national output of 746,402 barrels daily in that period, down 3.6% year-over-year.
Julio César Vera, president of the Xua Energy Foundation, praised the move: “It will always be good for a base oil company like GeoPark to acquire assets, as they are more risk-averse, willing to invest, and take greater risks.”
The transaction excludes infrastructure assets and aims to bolster sector investment to support Colombia's economic growth, which needs oil and gas to expand between 3.5% and 4.5% annually. GeoPark maintains partners like Hocol, an Ecopetrol subsidiary, with whom it discovered three fields last year.
