The acquisition agreement was signed on 17 December 2024. Credit: ded pixto/Shutterstock.

Petro-Victory Energy, in partnership with Azevedo e Travassos Petroleo (ATP), has signed an agreement with Brava Energia concerning the potential acquisition of 13 oil-producing fields in Brazil’s Potiguar Basin.

The agreement, signed on 17 December 2024, covers the Porto Carao Cluster and the Barrinha Cluster.

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The Porto Carao Cluster, situated in the Potiguar onshore basin in Rio Grande do Norte near Guamare, consists of four concession contracts encompassing four oil-producing fields.

The Barrinha Cluster, located in the Potiguar onshore basin in Rio Grande do Norte near Mossoro, includes seven concession contracts spanning nine oil-producing fields.

The agreement grants the company exclusive negotiation rights for the acquisition of these assets for an initial 30-day period from the signing date, extendable by an additional 30 days with mutual formal agreement.

Details of the financial aspects and terms of the potential acquisition will be disclosed as negotiations evolve.

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Petro-Victory and ATP are actively engaged in the development and production of oil and natural gas resources in Brazil.

The company owns 100% operating and working interests in 38 licences covering 257,604 acres (104,248 hectares) across two producing basins in Brazil.

In June 2024, Petro-Victory partnered with ATP to develop oil assets in Brazil’s Potiguar Basin.

The agreement focuses on Petro-Victory’s 100%-owned Andorinha Field and POT-T-281 block, including plans for a workover of the CR-2 well in the POT-T-281 block.

Following the conclusion of the CR-2 workover and the Andorinha drilling initiative, a fresh reserve report will be generated. ATP will then have the opportunity to acquire a 50% stake in the Andorinha field and Block 281 at a cost of $10 for each proven barrel and $4 for each probable barrel.

Petro-Victory also recently signed a memorandum of understanding with Eneva to collaborate on the development of the company’s non-associated gas assets in the São João field, situated in the Barreirinhas basin of Maranhão state in Brazil.