Alvopetro reports strong year-end 2024 reserves and outlines growth strategy for 2025
Published: 15:15 27 Feb 2025 EST
Alvopetro Energy CEO Corey Ruttan joined Steve Darling from Proactive to provided an update on the company’s year-end 2024 reserves and strategic outlook for 2025, highlighting its core assets in Brazil and expansion into Western Canada.
Alvopetro reported a 65% increase in 1P reserves, largely driven by the redetermination of Caburé working interests and the successful 183 A3 well at Murucututu. The company’s Caburé unit and 100% owned Murucututu asset continue to be key drivers of growth, supported by robust natural gas infrastructure and a strong gas sales agreement, with local gas prices exceeding $10 per MCF.
Looking ahead to 2025, Alvopetro has increased firm nominations to Bahia Gas by 33%, positioning itself for higher production and cash flow. The company is also advancing a new drilling campaign to convert undeveloped reserves into production, further strengthening its resource base.
Beyond Brazil, Alvopetro is making strides in Western Canada, where it has commenced its first drilling program. This marks a significant step in the company’s broader growth strategy, leveraging its expertise in natural gas development to diversify its asset portfolio and expand its international footprint.
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