S'abonner

Petro-Victory and Blue Oak acquire Capixaba Energia to strengthen their presence in Brazil

Petro-Victory Energy Corp. and Blue Oak Investments have reached an agreement to acquire Capixaba Energia LTDA, an integrated onshore production company in Brazil, aimed at expanding their presence in the country's oil and gas sector.

Share:

Petro-Victory Energy Corp. (TSXV: VRY) and Blue Oak Investments have entered into an agreement to acquire Capixaba Energia LTDA, an onshore oil production company in Brazil. This transaction, which is expected to close in the second quarter of 2025, forms part of the two companies’ strategy to enhance their position in Brazil’s oil and gas market.

Strategic assets and growth potential

Capixaba Energia owns four oil fields located in the Espírito Santo basin, including the Lagoa Parda cluster, as well as two exploration blocks adjacent to major producers. Current production is approximately 400 barrels of oil equivalent per day, of which 88% is crude oil. A detailed reconditioning and drilling programme is planned to significantly increase production over the next 12 to 18 months.

Financial terms of the acquisition

The total transaction value is USD17.5 million (BRL105 million), including contingent payments. Blue Oak will finance the entire acquisition and assume the role of controlling partner, while Petro-Victory will be the operator of the assets. Initially, Petro-Victory will hold a nominal stake, which can increase to 50% based on performance milestones, without requiring further investment from them.

Strategic partnership between Petro-Victory and Blue Oak

This acquisition follows the strategic partnership agreement made between Petro-Victory and Blue Oak on January 7, 2025, which aims to create an acquisition vehicle for oil and gas assets in Brazil and Latin America. Blue Oak, with over 70 years of combined experience in financial markets and having led transactions totalling over BRL40 billion, brings its expertise in strategic investments. Petro-Victory, for its part, leverages its in-depth knowledge of Brazil’s onshore oil sector to optimise the operations of the acquired assets.

Outlook for the Espírito Santo basin

The acquisition of Capixaba Energia positions Petro-Victory and Blue Oak as key players in the Espírito Santo basin, strengthening their presence alongside their operations in the Barreirinhas and Potiguar basins. This strategic expansion aims to maximise production, improve recovery rates, and optimise operational costs, thus contributing to the creation of long-term value for both companies.

  • Populaires ​
Donald Trump significantly increases US tax credits for carbon capture
Czech Republic hit by massive power outage disrupting the economy
EDF postpones Calvados wind farm to 2027 due to faulty drilling tool
France anticipates significant slowdown in emission reductions starting in 2025
Gabon reactivates deep offshore blocks to stem oil decline
Petro-Victory Energy successfully completes drilling of AND-5 well in the Andorinha field, Brazil
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
Colombia: Perenco accused of funding a paramilitary group between 1997 and 2005
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia Increases Its Energy Purchases from the United States: A Major Deal with Pertamina
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.
VAALCO focuses on Baobab field in Ivory Coast, despite limited production
VAALCO Energy continues to operate the Baobab field by renovating its floating platform, despite modest production. This strategy aims to maintain stable profitability at low cost.
Empty reservoir explodes at Lukoil-Perm facility: no casualties reported
An empty reservoir exploded at a Lukoil-Perm oil facility in Russia, causing no injuries according to initial assessments pointing to a chemical reaction with oxygen as the cause of the accident.
British Lindsey refinery resumes deliveries after rescue deal
The British Lindsey refinery has resumed fuel deliveries after reaching a temporary agreement to continue operations, while the future of this strategic site remains under insolvency proceedings.
BP and Shell sign strategic agreements to revive Libya’s oil industry
BP and Shell intensify their commitments in Libya with new agreements aimed at revitalizing major oil field production, amid persistent instability but rising output in recent months.
Ecuador: Partial Resumption of Oil Transport After Major Climatic Disruptions
The private OCP pipeline has resumed operations in Ecuador following an interruption caused by heavy rains, while the main SOTE pipeline remains shut down, continuing to impact oil exports from the South American country.
McDermott awarded major offshore contract by BRAVA Energia in Brazil
McDermott secures contract worth up to $50 million with BRAVA Energia to install subsea equipment on the Papa-Terra and Atlanta oil fields off the Brazilian coast.
Saudi Aramco Sharply Raises Crude Prices for Asia in August
Saudi Aramco increases its oil prices for Asia beyond initial expectations, reflecting strategic adjustments related to OPEC+ production and regional geopolitical uncertainties, with potential implications for Asian markets.
Liberian-Flagged Bulk Carrier Attacked in Red Sea, Israel Strikes Back in Yemen
A bulk carrier operated by a Greek company sailing under a Liberian flag suffered a coordinated attack involving small arms and explosive drones, prompting an Israeli military response against Yemen's Houthis.
Canada Awaits Private Sector Decision on Alberta-Pacific Pipeline
The Canadian government is now awaiting a concrete private-sector proposal to develop a new oil pipeline connecting Alberta to the Pacific coast, following recent legislation intended to expedite energy projects.
Petrobras Considers Strategic Sale of Polo Bahia Oil Hub
Petrobras is exploring various strategies for its Polo Bahia oil hub, including potentially selling it, as current profitability is challenged by oil prices around $65 per barrel.
Azevedo & Travassos acquires Petro-Victory to strengthen its Brazilian onshore portfolio
Brazilian producer Azevedo & Travassos will issue new shares to buy Petro-Victory and its forty-nine concessions, consolidating its onshore presence while taking on net debt of about USD39.5mn.
OPEC+ Significantly Raises Oil Quotas with Additional 548,000 Barrels
Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.
UK’s Lindsey refinery faces shutdown within three weeks, according to Wood Mackenzie
Lindsey refinery could halt operations within three weeks due to limited crude oil reserves, according to a recent analysis by energy consultancy Wood Mackenzie, highlighting an immediate slowdown in production.
Libya reopens the Hamada-Zawiya pipeline after six-week shutdown
The flow of crude between the Hamada field and the Zawiya refinery has resumed after emergency repairs, illustrating the mounting pressure on Libya’s ageing pipeline network that threatens the stability of domestic supply.
Afreximbank raises to $375 mn the reserve-based credit for Oando
The African Export-Import Bank extends the Nigerian oil company’s facility, providing room to accelerate drilling and modernisation by 2029 as international lenders scale back hydrocarbon exposure.
Petronas Launches Strategic Drilling Campaign Offshore Suriname
Petronas begins a three-well exploratory drilling campaign offshore Suriname, deploying a Noble rig after securing an environmental permit and closely collaborating with state-owned company Staatsolie.
Glencore in talks with London over future of insolvent Lindsey oil refinery
Swiss commodities trader Glencore has initiated discussions with the British government regarding its supply contract with the Lindsey refinery, placed under insolvency this week, threatening hundreds of jobs and the UK's energy security.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING