Petro-Victory to increase Brazilian oil production through rig workover program

January 19, 2024

(WO) – Petro-Victory Energy Corp.  announced the mobilization of the SPT-129 workover rig from BRASERV PETRÓLEO LTDA ("Braserv") to the São João oil and gas field. The workover program targets new oil production from 14 additional zones in three wells (SJ-11, SJ-01, SJ-06). The Company holds 100% working and operating interest in the field.

The São João oil and gas field (Source: Petro-Victory)

The oil and gas field is located in the Barreirinhas basin in the state of Maranhão, Brazil, and has total proved plus probable ("2P") oil reserves of 1.9 MMboe with a NPV10 valuation of $73.5 million, with more than .895 MMboe (2P reserves) in the three wells being targeted.

The workover program will test new zones as follows:

  • SJ-11 Well: 21.8m across 6 zones
  • SJ-01 Well: 32.2m across 5 zones
  • SJ-06 Well: 12.4m across 3 zones

The SPT-129 is a modern-built rig and was recently renovated. The rig is scheduled to arrive by January 25, 2024.

Throughout the year, the company has expanded the production facilities and storage capacity to ensure it is well prepared for the increased production, which will come from the workover program.

Braserv is a Brazilian company highly-specialized in onshore completion and workover services and has been in operation since 2009, with more than 1,000 employees, 25 rigs in Brazil and 15 in Colombia.

Petro-Victory Energy Corp. is engaged in the acquisition, development and production of crude oil and natural gas resources in Brazil. The company holds 100% operating and working interests in 41 licenses totaling 272,912 acres in two different producing basins in Brazil.

Lead image source: Braserv Petroleo

Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.