Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan has expressed confidence that his company is poised to become a key player in Brazil’s emerging open gas market.
“(Alvopetro) has been operating in Brazil’s state of Bahia before the Brazilian government implemented its new gas market reform program,” Ruttan told the Investing News Network. The company then became the first independent company in Brazil to deliver sales-specified natural gas into the local distribution network.
To date, Alvopetro’s production accounts for roughly 13 percent of the natural gas produced in Bahia, and with investments already made in its gas production infrastructure and pipelines, any new natural gas discoveries moving forward can be quickly converted into production and cashflow, the executive stressed.
“Our goal is basically to take the production level that we had in the third quarter and increase that by about another 50 percent. And that would take us up to the current capacity of our plant, or about 3,000 barrels of oil equivalent per day. And then our medium- to longer-term goal would be to double that again," Ruttan explained.
Alvopetro's natural gas sales increased to 187 percent in October of this year, according to the company. With higher overall sales volumes, revenue rose to $12.9 million, an increase of $0.6 million from Q3 2023 and $2.2 million from Q2 2024.
Watch the full interview with Alvopetro Energy President and CEO Corey Ruttan above.
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