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The Workover of Wells SJ-11, SJ-06, and SJ-01 Has Been Completed, and the Results in Oil Production Can Already Be Seen at Well SJ-11. Petro-Victory Plans to Invest in Fuel Storage for Its Growth in the São João Field.
The week is starting quite positively for the market growth of oil company Petro-Victory in Brazil. The company is, on this Tuesday, (12/20), reporting great results in the São João field region, in the Barreirinhas Basin. This is because it has completed the workover activities at wells SJ-11, SJ-06, and SJ-01, achieving excellent oil production at SJ-11. Now, it is preparing to start production in the other two areas.
Oil Production at Well SJ-11 Was Quite Significant for Petro-Victory Following the Completion of Workover in the São João Field
The independent oil and natural gas company Petro-Victory announced the completion of its workover program at three wells in the São João field, in the Barreirinhas Basin.
Workover is a set of activities that allows for the resumption or improvement of expected production and injection conditions of the well within the same interval.
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Thus, the company completed the process at wells SJ-11, SJ-06, and SJ-01, starting oil production at the first one to verify the quality of operations.
Accordingly, after analyzing the initial period of December, Petro-Victory announced that the workover had a very positive impact on the oil production of SJ-11 over the days of December 15 to 17, when it reached a level of 613 barrels of oil.
For comparison, during the year 2021, well SJ-11 recorded an average production of 7 barrels of oil per day, according to the company.
“Petro-Victory re-entered well SJ-11, removed the failing progressive cavity pump system, and equipped the well for production using a pump jack. Additionally, two additional reservoirs were drilled at depths of 1,297 m and 1,467 m to provide potential production gains for the existing open and proven oil zone at 1,490 m. Nine other reservoirs were identified in SJ-11 for future testing and oil production,” the company detailed.
Company Prepares to Expand Oil Storage and Initiate Production at the Other Two Wells in the São João Field in the Future
The great results in oil production at the São João field after the workover at the wells led Petro-Victory to consider a more suitable infrastructure for product storage.
Thus, the company announced that it is preparing to expand its storage facilities to accommodate the growth of its production.
Furthermore, following the success in production at well SJ-11, Petro-Victory is preparing to start oil production at the other two wells that underwent the workover process, but it does not yet have a start date.
The company’s CEO, Richard Gonzalez, commented that he is very pleased with the outcome of the production campaign, highlighting the work of the technical team to make these numbers possible.
“This is our first step, since we took over operations a few months ago, to extract value from our São João field,” he concluded.
Petro-Victory Energy Corp. is a publicly traded oil and gas company dedicated to the acquisition and development of crude oil and natural gas resources in Brazil. Petro-Victory holds interests in thirty-eight (38) licenses totaling 257,604 hectares in two (2) oil-producing basins in Brazil.
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