Petro-Victory Energy Corp. (TSX-V:VRY) earlier this week provided an update on several partnerships and acquisitions aimed at accelerating its asset development strategy in Brazil.
CEO Richard Gonzalez talked with Proactive about the company’s strategic momentum heading into 2025 and 2026, following a year of multiple transformative partnerships and acquisitions.
The company signed a drilling agreement with ATP for the Andorinha field, with two wells to be drilled by mid-May. Each well targets 150 to 200 barrels of oil per day. ATP will fully fund the program.
Petro-Victory also told investors it entered a development agreement with Eneva, a Brazilian gas company with a market capitalisation of over $3 billion dollars. Eneva will drill a $10 million gas well at the São João field in January 2026, targeting 76bcf of gas. The company said Eneva would also fund a 3D seismic program to assess future development.
In a separate deal, Petro-Victory signed a partnership with ATP to acquire 13 oil fields from Brava. These fields, located in the Potiguar Basin, are currently producing 220 barrels per day. The company said the acquisition is awaiting regulatory approval, and it aims to increase output to more than 1,000 barrels per day.
Gonzalez highlighted another transaction with Blue Oak, a private equity firm. Under this partnership, Petro-Victory acquired Capixaba Energia’s Lagoa Parda Cluster in Espírito Santo. The field produces 350 barrels per day. The company said it plans to double that figure within 12 months.
The CEO reiterated confidence in the company’s long-term strategy.
“We set up the company in 2017, have been acquiring, building teams, securing licenses, doing all the G&G and engineering work. Now we realize that value through strategic partnerships,” said Gonzalez.
“We have a five-year plan… and we’re very excited about 2025, 2026 and beyond.”