Equinor completed the sale of 40% of its operating interest in the Peregrino field to PRIO, which assumes full operation of the field. The sale is part of the Norwegian company’s strategy to focus its global portfolio on projects with greater long-term potential.
The transaction was valued at US$2.33 billion, of which US$1.55 billion was received by Equinor at closing, after adjustments for cash flows and a previous deposit. This transaction represents one of the most relevant movements in the Campos Basin during 2025.
PRIO takes control of pilgrim field
With this acquisition, PRIO consolidates its role as a key player in the Brazilian offshore sector, taking full control of Peregrino, a field that has produced more than 300 million barrels since its inception in 2011. This transaction furthers its growth strategy with assets already in production.
Despite the sale, Brazil remains a central axis in Equinor’s international portfolio. The company maintains participation in the Bacalhau field, where it recently began production, and in other developments such as Raia and Roncador, in partnership with Petrobras.
Equinor reorganizes its international portfolio
Equinor also signed an agreement in May 2025 to sell 20% of its agreement to sell the remaining 20% of its of its remaining stake in Peregrino, which will make PRIO the full owner of the field. While the terms of this second part are being finalized, the Norwegian firm will continue as a non-operating partner.
This transaction responds to Equinor’s objective of reducing its exposure to mature assets and reallocating capital towards initiatives with a better profitability and sustainability profile. In this context, the focus on fields such as Bacalhau and exploration in the Campos Basin is becoming more important.
Since 2011, Peregrino has been a cornerstone for Equinor in the South Atlantic. Its transfer marks a turning point in the ownership structure of one of Brazil’s most productive fields, now completely in Brazilian hands.
Source and photo: Equinor
