RIO NEGRO, ARGENTINA (Camilo Ciruzzi, Energy Analytics Institute, 6.Mar.2025) — GeoPark Limited made a strategic move into Argentina’s Vaca Muerta shale play, reinforcing its commitment to unconventional resource development.
GeoPark’s financial report for 2024 highlights the acquisition of 4 hydrocarbon blocks in the region, signaling a significant step in its growth strategy.
Game-changing deal in Argentina’s shale heartland
GeoPark finalized the acquisition of Mata Mora and Confluencia blocks, effective 1 Jul. 2024. This marks its entry into one of the world’s most prolific shale formation, the Vaca Muerta.
During the fourth-quarter 2024 (4Q:24), these assets produced an average 15,052 barrels of equivalent oil per day (boe/d) — reaching a peak of 16,060 boe/d in Nov. 2024 — up 19% sequentially compared to the 3Q:24. Of note, these production figures are not yet reflected in the company’s consolidated numbers, as the transaction awaits regulatory approval.
The Confluencia Norte Block (GeoPark non-operated, 50% WI) completed its first pad of 3 unconventional wells in Nov. 2024. The pad included a vertical pilot well, drilled specifically for data acquisition, along with 3 horizontal wells which reached a total measured depth of 6,300m, with 3,000m of lateral extension.
RELATED: GeoPark Reports Exploration Success at Confluencia Norte
GeoPark has already invested $54.1mn in the acquisition, including $38mn for working interest and $16.1mn in midstream infrastructure, with a total payment of $152mn due at closing.
Expanding reserves and stronger portfolio
The Vaca Muerta acquisition has significantly boosted GeoPark’s resource base. In 2024, the company’s 2P reserves increased by 41%, adding 74.6 million barrels of oil equivalent (MMboe) from its newly acquired assets. This move extends GeoPark’s 1P reserve life index (RLI) to 8.2 years and 2P RLI to 13.1 years, ensuring long-term production sustainability.
GeoPark’s strategy now balances high-growth shale assets in Argentina with mature production from Llanos 34 and CPO-5 blocks in Colombia, creating a more diversified and resilient portfolio.
Financial strength and operational focus
Despite a challenging year with lower Brent prices and increased costs, GeoPark maintained strong financial performance. The company reported $416.9mn in adjusted EBITDA in 2024 and also prioritized shareholder returns, distributing $73.7mn through dividends and buybacks.
Looking ahead, GeoPark plans to focus on developing the Mata Mora Norte block while continuing exploration in Confluencia Sur, positioning itself for further growth in Argentina’s shale sector.
RELATED: GeoPark Limited’s Mata Mora Norte Block Producing over 12,500 boe/d
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By Camilo Ciruzzi reporting from Río Negro. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
