Petro-Victory Energy has signed a sale purchase agreement for the acquisition of 13 oilfields known as Polo Porto Carão and Polo Barrinha, in a 50-50 partnership with Azevedo & Travassos Petroleo (ATP).
The fields will be acquired from 3R RNCE and 3R Potiguar, subsidiaries of Brava Energia, and are located in Brazil’s prolific Potiguar Basin.
The oilfields, spanning 38,301 acres, are currently operational and situated onshore, adjacent to Petro-Victory’s existing assets. They currently produce 250 barrels of oil per day (bopd).
With the acquisition, Petro-Victory and ATP plan to implement a high-impact work programme aimed at increasing production levels.
According to the National Agency of Petroleum, these fields have an estimated 125 million barrels of oil in place, with a recovery factor of 13.3%.
The total value of the acquisition is $15m, with Petro-Victory’s net share amounting to $7.5m.
Petro-Victory CEO Richard F Gonzalez commented: “This acquisition marks a transformative milestone for Petro-Victory, significantly enhancing our oil production capacity and increasing our proven reserves. We expect the updated reserve report will increase our proven reserves by 50%. It also maximises the substantial investments made by our subsurface, engineering and operations teams over the past five years in the Potiguar Basin.
“Through disciplined strategy and technical expertise, we have built a strong position and deep understanding of this oil-prolific basin. We are pleased to further strengthen our partnership with ATP through this acquisition, reinforcing our commitment to unlocking the full potential of the Potiguar Basin.”
Petro-Victory currently operates three oil-producing fields and holds 34 exploration blocks in the Potiguar Basin.
The company has reprocessed and integrated 12 sets of 3D seismic data covering in excess of 1,500km², including areas encompassing the newly acquired fields, over the past five years.
This has been complemented by comprehensive hydrocarbon basin analysis and detailed geological, geophysical and petrophysical interpretation.
The 13 oilfields were originally procured by Brava from Petrobras between 2020 and 2022.
The transaction’s completion is expected in the second half of 2025, pending customary closing conditions and regulatory approvals from the National Agency of Petroleum in Brazil.
