Petro-Victory Energy is growing its footprint in Brazil’s onshore Potiguar Basin through M&A. (Source: Shutterstock.com)
Petro-Victory Energy, in a 50-50 partnership with Azevedo & Travassos Petroleo (ATP), has acquired 13 onshore oil fields in Brazil.
The oil fields, comprising 38,301 acres, are within the Potiguar Basin in Brazil’s Rio Grande do Norte state, the companies said Feb. 10.
The total acquisition value was US$15 million, or $7.5 million net to both Petro-Victory and ATP. The assets were acquired from subsidiaries of Brava Energia SA.
The acquired assets are strategically located adjacent to Petro-Victory’s existing footprint in the Potiguar Basin. Current output averages 250 bbl/d of oil. Petro-Victory has a work program in place “to significantly increase oil production.”
Brazil’s National Agency of Petroleum has reported 125 MMbbl of recoverable oil in place, Petro-Victory said.
““This acquisition marks a transformative milestone for Petro-Victory, significantly enhancing our oil production capacity and increasing our proven reserves,” said Petro-Victory CEO Richard Gonzalez. “We expect the updated reserve report will increase our proven reserves by 50%.”
Petro-Victory currently has three producing oil fields and 34 exploration blocks within the Potiguar Basin.
The transaction also included tanks, pumps, flow lines, power lines and other related field infrastructure.
The deal is expected to close in the second half of 2025.
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