Petro-Victory Energy Corp. (TSX-V:VRY) CEO Richard Gonzalez talked with Proactive about the company’s latest expansion in Brazil’s Potiguar Basin.
The company has signed a sale and purchase agreement in a 50/50 partnership with Azevedo & Travassos Petroleo to acquire 13 fully operational oil fields, covering 38,301 acres. These fields are strategically located next to Petro-Victory’s existing assets, strengthening its foothold in the region.
According to the National Agency of Petroleum, the newly acquired fields hold an estimated 125 million barrels of oil in place, with a 13.3% recovery factor. Gonzalez described the acquisition as a “transformative milestone,” boosting Petro-Victory’s proven reserves by 50% and significantly increasing production capacity.
The acquisition builds on five years of investment in subsurface, engineering, and operations in the Potiguar Basin. Petro-Victory currently operates three oil-producing fields and 34 exploration blocks in the region. The company has reprocessed and merged 12 volumes of 3D seismic data over 1,500 square kilometres, along with extensive hydrocarbon basin analysis to optimize production.
With this move, Petro-Victory reinforces its commitment to growth and operational excellence in the Brazilian oil and gas sector.