Alvopetro Energy Ltd.

Description

Alvopetro Energy Ltd (TSXV:ALV) is a Calgary-based oil and natural gas exploration company. The resource company also focused on producing hydrocarbons in Brazil.

The company’s significant natural gas assets includes Caburé and Gomo, including two oil fields, namely Mae-da-lua and Bom Lugar in Brazil.

The firm was incorporated in September 2013. It is a junior energy public firm listed on the TSX Venture under the trading symbol ‘ALV’. Alvopetro aims to become a leading upstream and midstream company in Brazil.

The natural gas assets in Brazil also consists of two high impact exploration wells, namely western part of Block 183 and Block 182.

The resource firm claims to focus on organic growth and midstream capital generation. Alvopetro acquired an 11-kilometer transfer pipeline to operate strategic midstream infrastructure.

It claims to deliver affordable energy products across its market areas.

Reconcavo Basin

The basin is situated in Bahia, Brazil, and is reportedly considered as one of the oldest basins with 23.9 million barrel of oil per day production capacity. The company develop 18 per cent of Reconcavo Basin's natural gas production. In 2018, the company announced the project completion-Caburé natural gas field and the Gomo gas project.

Alvopetro entered into an agreement with Tecmaster Engenharia e Construções Ltda (Tecmaster), a Brazil-based local company, for on-shore pipeline construction worth US$3.5 million reportedly. The pipeline, 11 kilometers in length, will connect the firm’s Caburé unit to Enerflex’ gas treatment project.

The company claims to have completed the construction activities on the transfer pipeline and facility so far.

The oil and gas firm intends to sell natural gas under a long-term agreement with Bahiagás, a marketing company for Bahia State in Brazil. As a part of the agreement, Bahiagás decided to extend its distribution network by 15 kilometers and explore and install a new gas receiving station at the Caburé Midstream Project. In 2019, the firm claims that three new wells were drilled on this facility.

Gomo Natural Gas project

The gas project is covered in an area of 7,613 acres and comprises of Block 197 (1) and Block 183 (1) wells, drilled in 2014, the energy firm claims.