Petro-Victory Announces ESG Initiative & Signs Contract to Build Solar Project

Source: www.gulfoilandgas.com 4/11/2022, Location: South America

Petro-Victory Energy Corp. is pleased to announce the signing of a contract for the provision of solar power facilities at its Andorinha oil field, onshore Potiguar Basin.

Highlights
- The Company has signed a contract with local renewable energy provider Taldi Engenharia for the installation of a solar array at its Andorinha oil field;
- The Andorinha Solar Project will reduce the Company’s Scope 2 emissions by an estimated 60 tons of CO2 per year;
- The capacity of the project is 0.3MWp producing on average 40MWh/month;
- The Andorinha Solar Project has been sized to provide all the electrical requirements of the Andorinha oil field through the next phase of development and can be upsized further for future development phases;
- Operational within 4 months and with a total contract cost of US$270,000, the Company expects payback on invested capital within 3 years.

Andorinha Solar Project
The Company has entered into a contract with a local renewable energy infrastructure provider to install a solar array at its Andorinha oil field (the “Andorinha Solar Project” or the “Project”). A suitable area of 2,200m2 (0.54 acres) at the field has been identified and inspected.

As the Company increases oil production from the Andorinha field, through its multi-well 2022 drilling program, this innovative solution will continue to ensure that the Company minimizes its carbon footprint from operations. The Company has estimated that the Andorinha Solar Project will reduce Scope 2 emissions by approximately 60 tons of CO2 per year, lowering the carbon intensity of its produced barrels.

Furthermore, the Project will eliminate electricity expenses, the major operating cost of the field, increasing the netback (profit margin per barrel of oil) for the Company. The solar project will provide over 40MWh/month covering the energy requirements for the Andorinha operations.

Additionally, the project has been designed so that it can expand energy generation via a modular system allowing for future development phases.

Richard F Gonzalez, Petro-Victory CEO commented:
“I am delighted to announce that we have signed a contract to build our first Solar Project, providing renewable energy to our Andorinha operations in the Potiguar Basin. The Solar Project, located directly on the Andorinha field where we are currently producing and about to commence drilling, demonstrates Petro-Victory’s firm commitment to a sustainable and expandable ESG program that significantly decreases our carbon footprint as we increase and maximize shareholder value.”


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