This Year, A Giant Canadian Company Bought Land-Based Oil Fields In Brazil For $17.5 Million

Written by Bruno Teles

Published on 26/06/2025 at 19:59

Updated on 28/06/2025 at 21:14

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In March 2025, Canadian Petro-Victory and Polish fund BlueOak acquired Capixaba Energia, betting on the revitalization of assets previously owned by Petrobras.

The market for onshore oil fields in Brazil gained a new and robust player. In a strategic transaction, a joint venture formed by Canadian operator Petro-Victory and Polish investment company BlueOak Investments acquired 100% of the producer Capixaba Energia, in Espírito Santo.

The deal, valued at US$ 17.5 million, transfers control of four producing fields and marks a new phase of investments in the Espírito Santo Basin, with the promise of revitalizing production in one of the country’s most traditional oil exploration areas.

The Acquisition of Capixaba Energia in 2025

The transaction was built over several months. In January 2025, Petro-Victory announced a strategic partnership with BlueOak Investments. The collaboration was formalized at the end of February and, on March 6, 2025, the purchase and sale contract for Capixaba Energia was announced.

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The deal, successfully completed in the second quarter of 2025, had a total value of US$ 17.5 million (around R$ 105 million). The sellers were Brazilian companies Imetame Energia and EnP Energy Platform, which were partners in Capixaba Energia.

What Was Acquired? The Four Producing Oil Fields in Espírito Santo

The Bet of US$ 17.5 Million: How the Purchase of Onshore Oil Fields in Espírito Santo Creates a New Canadian Player in Brazil

The portfolio acquired by the new joint venture is a strategic set of assets in the onshore portion of the Espírito Santo Basin. The package includes four onshore oil fields already in production: Lagoa Parda, Lagoa Parda Norte, Batuíra, and Águia Real.

In addition to the producing fields, which at the time of purchase were generating around 400 barrels of oil per day, the transaction also includes two exploratory blocks (ES-T-441 and ES-T-487) with proven potential, offering a clear path for future production growth.

Canadian Petro-Victory with the Operation, Polish Fund BlueOak with the Money

The structure of the deal is one of its most interesting aspects. BlueOak Investments, a fund from Poland with experience in the Brazilian oil and gas sector, provided 100% of the funding for the purchase.

Petro-Victory, on the other hand, serves as the technical operator, applying its expertise to manage and develop the fields. The Canadian company did not need to provide capital for the acquisition and will acquire its stake, which may reach 50%, based on success and production increases, a model that aligns the interests of all partners.

The Sellers’ Strategy: How Imetame and EnP Profited from the Deal

For sellers Imetame and EnP Energy, the transaction represents the conclusion of a successful investment cycle. The companies had bought part of these assets from Petrobras in 2020, invested in their revitalization, and are now selling them at a higher value, realizing profit.

This move, known as “capital recycling,” allows companies to use the proceeds from the sale to invest in other strategic projects, many of them in the same region of Espírito Santo.

The Future of Onshore Oil Fields: The Plan to Increase Production and Revitalize the Basin

The new owners did not acquire the assets to maintain the current production. The plan, already announced, is to carry out a detailed campaign of well interventions (workovers) and new drilling in the next 12 to 18 months.

The objective is clear: substantially increase production of the acquired onshore oil fields. The bet is that the combination of financial capital and technical expertise can unlock the value of mature fields, a business model that has proven increasingly strong in the Brazilian onshore landscape.

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This Year, A Giant Canadian Company Bought Land-Based Oil Fields In Brazil For $17.5 Million

In March 2025, Canadian Petro-Victory and Polish fund BlueOak acquired Capixaba Energia, betting on the revitalization of assets previously owned by Petrobras.

The Acquisition of Capixaba Energia in 2025

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

What Was Acquired? The Four Producing Oil Fields in Espírito Santo

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This Year, A Giant Canadian Company Bought Land-Based Oil Fields In Brazil For $17.5 Million

In March 2025, Canadian Petro-Victory and Polish fund BlueOak acquired Capixaba Energia, betting on the revitalization of assets previously owned by Petrobras.

The Acquisition of Capixaba Energia in 2025

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

What Was Acquired? The Four Producing Oil Fields in Espírito Santo

Canadian Petro-Victory with the Operation, Polish Fund BlueOak with the Money

The Sellers’ Strategy: How Imetame and EnP Profited from the Deal

The Future of Onshore Oil Fields: The Plan to Increase Production and Revitalize the Basin

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