Brazil Oil Production Surges 128% for Petro-Victory After Mature-Field Workovers
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During its inaugural year of operations at Capixaba Energia in Brazil, Petro-Victory Energy Corp. more than doubled its oil output, lowered production expenses, and uncovered new reservoir potential through a targeted workover and optimization initiative.
According to the company, oil production surged by 128%, climbing from 256 barrels per day (bpd) to 583 bpd, while natural gas output jumped by 471%. Concurrently, production costs were slashed by 37%, dropping from $25.80 to $16.30 per barrel.
Petro-Victory, in partnership with Blue Oak Investments, acquired Capixaba Energia in April 2025 to focus on mature onshore oil and gas assets in Brazil. Capixaba’s holdings in the Espírito Santo basin feature the Lagoa Parda Cluster alongside two neighboring exploration blocks.
“Our inaugural year at Capixaba Energia highlights the power of our strategic alliance with Blue Oak Investments and underscores Petro-Victory’s capacity to extract value from mature onshore fields,” stated Richard F. Gonzalez, CEO of Petro-Victory. “We managed to boost oil and gas production by 128% and 471% respectively, cut production costs by 37%, and confirm new reservoirs without the need for new drilling.”
The first-year strategy centered on an aggressive workover and technical evaluation campaign to maximize output from existing wells. Teams analyzed over 20 wells and electric submersible pump systems, utilizing seismic reprocessing, inversion, and cased-hole logging to locate untapped resources.
This effort successfully validated three wells—LP-38, LP-73, and LP-77D—and proved the commercial viability of the Upper Urucutuca formation, broadening the asset’s development outlook without spudding new wells.
Throughout the workover campaign, Petro-Victory maintained a 98.7% operational efficiency rate, logging 2,682 productive hours against just 35 hours of downtime.
Additionally, the partners boosted water injection capacity by roughly 67%, raising it from 12,000 bpd to 20,000 bpd without incurring extra capital costs. Additional improvements at Lagoa Parda included upgrading separation, flotation, control, and metering systems, alongside expanding remote monitoring and centralizing operations.
Capixaba Energia generated R$17 million in free cash flow during this first year, all of which was channeled back into the business to fund ongoing optimization and growth.
Petro-Victory noted that these achievements validate its approach of prioritizing well workovers, reservoir management, and existing facilities before allocating capital to new drilling campaigns as it seeks out further mature onshore prospects in Brazil.
