Equinor Sells 60% Interest in Peregrino Field to PRIO for USD 3.35 Billion as Part of International Portfolio Optimization

Equinor Sells 60% Interest in Peregrino Field to PRIO for USD 3.35 Billion as Part of International Portfolio Optimization

(IN BRIEF) Equinor Brasil Energia Ltda., a subsidiary of Equinor ASA, has finalized an agreement with PRIO Tigris Ltda. for the sale of its 60% operated interest in the Peregrino field offshore Brazil. The total transaction value amounts to USD 3.35 billion, with an additional USD 150 million in interest. Equinor will maintain operational control of the field until the deal closes, after which PRIO will take over. This sale is part of Equinor’s strategy to optimize its international portfolio, with a focus on major projects like Bacalhau and Raia in Brazil. The transaction, pending regulatory approval, involves two stages, with payments to be made upon signing and closer to closing.

(PRESS RELEASE) STAVANGER, 2-May-2025 — /EuropaWire/ — Equinor Brasil Energia Ltda., a subsidiary of Equinor ASA, has entered into a significant agreement with PRIO Tigris Ltda., a subsidiary of PRIO SA (PRIO3.SA), for the sale of its 60% operated interest in the Peregrino field located offshore Brazil. PRIO, the country’s largest independent oil and gas company, will pay a total consideration of USD 3.35 billion, along with a maximum of USD 150 million in interest for the transaction. The final cash payment will be adjusted based on the closing date and any asset-related deductions from the effective date of January 1, 2024.

Equinor will remain responsible for the operations of the Peregrino field until the transaction closes, after which PRIO will assume operatorship of the asset.

Philippe Mathieu, Executive Vice President for International Exploration and Production at Equinor, expressed, “This transaction allows us to realize value from a long-standing asset within our Brazilian portfolio. Brazil remains a key country for Equinor as we continue progressing with major projects such as Bacalhau and the Raia gas project. With these projects, along with our ongoing partnership in Roncador, we expect our equity production in Brazil to approach 200,000 barrels per day by 2030.”

Mathieu further noted that the sale is part of Equinor’s strategy to streamline its international portfolio through selective asset divestments and acquisitions, identifying growth potential and extending the longevity of its oil and gas operations, including in Brazil.

Equinor has operated the Peregrino field since 2009, with around 300 million barrels of oil produced to date. The field, located in the Campos Basin off the coast of Rio de Janeiro, is a heavy oil field comprising a floating production storage and offloading (FPSO) platform supported by three fixed platforms. In the first quarter of 2025, Equinor’s share of the field’s production was approximately 55,000 barrels per day.

PRIO previously acquired a 40% interest in the Peregrino field from Sinochem last year, further expanding its involvement in the asset.

Veronica Coelho, Equinor’s Senior Vice President and Country Manager for Brazil, emphasized the company’s strong partnership with PRIO, saying, “PRIO has proven to be a valued partner since joining the Peregrino license last year, and we are confident in a seamless transition of operations.”

Reflecting on the company’s history in Brazil, Coelho stated, “We are proud of the work accomplished by our team over the past two decades in Peregrino. This field has been foundational to Equinor’s journey in Brazil, and our efforts continue with full momentum as we prepare for Bacalhau and the Serra da Babilonia renewable hybrid project through our subsidiary Rio Energy, while also advancing the Raia gas project.”

The transaction is still pending regulatory and legal approvals, with the payments to be made in two installments—one upon signing and another closer to the closing date. Adjustments will be applied as necessary.

Equinor in Brazil