LG International (LGI) and oil and gas explorer and producer GeoPark have formed a new strategic three-year partnership to jointly acquire and develop upstream oil and gas projects in Latin America.

The companies hope to build a portfolio of upstream opportunities and the intent is to leverage the platform and experience of both partners to identify and carry out side-by-side acquisitions, initially targeting upstream projects in the $100m-$500m range.

GeoPark will be the manager of the partnership and operator of acquired projects – the first acquisition is planned for this year.

GeoPark chairman Gerald O’Shaughnessy said the deal represents a new phase in the company’s development.

“Following our consistent success in Chile it has been GeoPark’s intention to expand into new projects in Latin America,” O’Shaughnessy said. “By combining our efforts with the strategic aim and financial and technical muscle of LGI, we will be able to accelerate this expansion, as well as target larger and more attractive projects.

“Strategic long-term partnerships have been a key element of GeoPark’s business plan and development to date and we see this alignment and partnership with LGI as the underpinning for our next stage of growth.”

LGI is the energy, natural resource and trading affiliate of LG Corporation. It has invested and operated in the oil and gas exploration and production business for over 20 years, including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan.