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Oil Production in Brazilian Onshore May Have a New Leader in A Few Years. Petro-Victory Aims High After Acquiring 15 Concessions in the Last Auction
The ANP’s permanent oil auction has elevated the American Petro-Victory to a prominent role in the country’s onshore exploration. The company won 15 blocks and one area with marginal accumulation, all in the Potiguar Basin. Eneva Is Also Investing in Brazil, Check It Out!
With plans to invest US$ 20 million over the next 5 years, the company’s CEO, Richard Gonzalez, stated that the company will not stop there, as investments are not limited to those made in the last auction.
“The known geological conditions, along with the costs of drilling and development, make the Potiguar Basin attractive for commercial oil development,” he said.
Gonzalez also mentioned: Our goal is to become the leading producer of onshore oil and gas in Brazil. Our focus is the onshore sector, and our priority is to grow through acquisitions (ANP auctions, Petrobras divestments, private sector acquisitions), in addition to an active work program for our 25 concessions.”
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Although the recent purchase in the oil auction is still subject to ANP approval, once confirmed,
Petro-Victory will have 25 onshore concessions in Brazil.
18 of them are in the Potiguar Basin, in the state of Rio Grande do Norte; five are in the Espírito Santo Basin, one in the Barreirinhas Basin in Maranhão; and one in the Sergipe-Alagoas Basin, in Sergipe.
The investment in the Potiguar basin came after a study by the company which found that the costs of drilling and development were attractive relative to the commerciality of the existing oil there.
According to the oil company, new development, appraisal, and exploration wells will be drilled in the area, as well as reviews of existing wells and seismic reprocessing.
Petro-Victory is already present in 4 geological basins in Brazil, and future acquisitions in other coastal basins will be subject to the company’s strict investment criteria.
The CEO also spoke about the expectation of new business in Brazil and expressed optimism regarding the support and tax incentives that the ANP has been providing to small and medium independent oil and gas producers, as this, according to him, will boost all onshore activity in the country.
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