Petro-Victory Expands Operations In São João To Boost Oil Production

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Published on 18/01/2024 at 17:44

Foto: Cláudia Lobo

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Strategic Advancement in Maranhão Territory

Petro-Victory Energy, in a strategic maneuver to increase its oil production in the Barreirinhas Basin region, Maranhão, recently announced the allocation of the SPT-129 workover rig to its São João field. The operation, which became fully operational starting in 2022, is a significant milestone for the company aiming to enhance oil exploration in northeastern Brazil. The equipment, provided by Braserv Petróleo, is expected to arrive on site by January 25, 2024.

This workover program is a strategy by Petro-Victory to boost oil production, integrating fourteen new zones in three existing wells (SJ-11, SJ-01, SJ-06). The company, which fully holds the operation in the field, positions itself robustly in the market, controlling 100% of operational activities in São João.

Significant Reserves and Expanding Infrastructure

The São João field is notable for its considerable reserves, estimated at 1.9 million barrels of oil, with a market valuation of approximately US$ 73.5 million. This potential makes the region a focal point for Petro-Victory in the context of energy exploration and production.

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The Journey of Petro-Victory in the Energy Sector

Petro-Victory Energy stands out in the energy sector as a publicly traded corporation engaged in the acquisition, development, and production of crude oil and natural gas, primarily in Brazil. The company manages an extensive portfolio with 41 concessions in mature fields, covering a total area of 272,912 acres and maintaining 100% ownership of its operations.

Present in important producing basins in the states of Rio Grande do Norte and Maranhão, Petro-Victory is committed to generating added value for shareholders, focusing on investments in high-impact and low-risk assets. The company has its common shares traded on the TSX Venture Exchange under the symbol VRY, reinforcing its presence and reputation in the stock market.

The mobilization of the workover rig in the São João field is another strategic step by Petro-Victory to solidify its presence in the energy market and continue its successful trajectory, driven by dedication, focus, and an unwavering commitment to proven methods aimed at generating sustainable value for shareholders and promoting energy security in the region.

Source:

Cláudia Lobo

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Petro-Victory Expands Operations In São João To Boost Oil Production

Strategic Advancement in Maranhão Territory

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The Journey of Petro-Victory in the Energy Sector

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