Petro-Victory Energy has more than doubled oil production at its Capixaba Energia assets during its first year of operation, signaling a successful revitalization of mature Brazilian fields. Through a strategic partnership with Blue Oak Investments, the company achieved significant cost reductions and confirmed new commercial horizons without drilling.
The company reported a 128% increase in oil production, rising from 256 barrels per day to 583 barrels per day. Gas production saw an even steeper climb, jumping 471% as part of a broader effort to extract maximum value from existing infrastructure. These gains were coupled with a 37% reduction in production costs, which fell from US$25.8 per barrel to US$16.3 per barrel.
Central to this performance was a rigorous workover campaign that maintained 98.7% operational efficiency. By leveraging advanced seismic reprocessing and cased hole logging, Petro-Victory validated three specific wells—LP-38, LP-73, and LP-77D—and confirmed the Upper Urucutuca as a viable commercial horizon. The operation generated R$17 million in free cash flow, all of which was reinvested to further optimize the asset base.
Beyond well-level improvements, the company expanded water injection capacity by 67% without incurring new capital expenditures. CEO Richard F. Gonzalez noted that the results validate the company's model of working with institutional capital to scale operations in Brazil’s onshore sector. By migrating to the free energy market and centralizing remote monitoring, the firm has established a technical framework it intends to replicate across other mature assets in Latin America.
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