Norwegian oil company Equinor announced the closing of the sale agreement with Brazilian company PRIO to transfer its 60% interest in the Peregrino field, located in the Campos Basin, offshore Brazil.
The transfer of the Peregrino field to PRIO
The acquisition was formalized for a total amount that may reach US$3.5 billion, broken down into an initial payment of US$3.35 billion and up to an additional US$150 million for related interest. In this way, PRIO completes the total control of the field, after acquiring the remaining 40% from Sinochem last 2024.
Equinor Brasil had operated the Peregrino field since 2009. During that time, the field produced about 300 million barrels of heavy oil, supported by an infrastructure composed of three fixed platforms and a floating production, storage and offloading(FPSO) unit.
In the first quarter of 2025, the Norwegian oil company recorded an average production of 55,000 barrels per day through its orderly logistics and participation. The operational transition will be completed once regulatory approvals are obtained, at which time PRIO will assume direct management of the oil asset.
This agreement is part of Equinor’s ongoing effort to enhance its international portfolio through divestitures and asset acquisitions.
We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, including in Brazil.
Philippe Mathieu, Equinor’s Executive Vice President of International Exploration and Production.
For this project, the renewable impulse of the subsidiary Rio Energy, responsible for the hybrid development Serra da Babilônia, is added. In this way, the company Equinor balances its assets between oil, gas and clean energy in the Brazilian market.
For PRIO, this acquisition strengthens its portfolio and consolidates its presence in the Brazilian offshore industry. The company is committed to maintaining and expanding the productivity of the Peregrino offshore field in the medium term, integrating the entire operation under a more efficient model and with greater control of the crude oil assets.
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Source and photo: Equinor
