Petro-Victory Energy Corp., Calgary, through a 50/50 partnership with Azevedo & Travassos Petroleo (ATP), agreed to acquire 13 oil fields in Potiguar basin onshore Brazil from 3R RNCE SA and 3R Potiguar SA, subsidiaries of Brava Energia SA in a deal valued at $15 million.
The companies began negotiating a deal in December 2024 (OGJ Online, Dec. 14, 2024).
The deal enhances Petro-Victory’s oil production capacity and increases proven reserves, said Richard F. Gonzalez, chief executive officer.
The oil fields, with fully operational production infrastructure, comprise 38,301 acres onshore Brazil, Potiguar basin, adjacent to Petro-Victory's existing assets. Current production is 250 b/d “with a high-impact work program to significantly increase oil production,” the company said.
Petro-Victory currently has three oil producing fields and 34 exploration blocks in Potiguar basin. Over the past 5 years, the company has reprocessed and merged 12 volumes of 3D seismic data covering more than 1,500 sq km in the basin, including volumes which cover the acquired fields, the company said.
The company also has performed a hydrocarbon basin analysis, as well as an in-depth geological, geophysical, and petrophysical interpretation.
Brava originally purchased the 13 oil fields from Petrobras between the years 2020 and 2022. The fields were discovered in 1976 by Petrobras and have produced 16.5 million barrels of oil to date with a 13.3% recovery factor.
The deal is expected to close in second-half 2025 subject to customary closing conditions and regulatory approvals with the National Agency of Petroleum in Brazil.
