Equinor Hands Over Operatorship of Brazil’s Peregrino Field to PRIO Following Completion of 40% Stake Sale

The Peregrino C platform in Brazil
Photo: Rodrigo Abreu de Oliveira Santos / Roberto Antunes Kattan – ©Equinor

(IN BRIEF) Equinor has completed the sale of its 40% operated interest in Brazil’s Peregrino oil field to PRIO for a total of USD 2.33 billion, receiving USD 1.55 billion at closing. The transaction transfers full operatorship of the field to PRIO, while Equinor retains a 20% non-operated share pending the completion of a separate sale agreement. Executive Vice President Philippe Mathieu emphasized that the divestment aligns with Equinor’s strategy to focus on more robust, long-term assets. Located in the Campos Basin, Peregrino has produced around 300 million barrels of oil since 2011 and has been central to Equinor’s Brazilian operations. Country Manager Veronica Coelho reaffirmed Equinor’s continued commitment to Brazil through major projects like Bacalhau, Raia, and Roncador.

(PRESS RELEASE) STAVANGER, 12-Nov-2025 — /EuropaWire/ — Equinor has finalized the sale of its 40% operated interest in the Peregrino oil field in Brazil to PRIO, marking a major milestone in the Norwegian energy company’s portfolio optimization strategy. With this transaction, PRIO assumes full operatorship of the field, while Equinor continues to hold a non-operated 20% interest until the second phase of the deal is concluded.

Equinor received a total consideration of USD 2.33 billion for its 40% share, with USD 1.55 billion paid at closing after adjustments for prior deposits and cashflows. The initial USD 335 million deposit paid by PRIO at the time of signing covered both the 40% and 20% transactions.

“With the closing of this part of the transaction, we are handing over operatorship of Peregrino to PRIO and realising significant value for Equinor,” said Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor. “The deal is part of our ongoing effort to high-grade our international portfolio by divesting more mature assets to redeploy capital to assets with greater robustness and more long-term value potential. Brazil remains a core area for Equinor, and just last month we started production from Bacalhau—our largest international offshore field—and acquired two exciting exploration blocks in the Campos Basin.”

Located in the Campos Basin, east of Rio de Janeiro, the Peregrino field has been a cornerstone of Equinor’s international presence since production began in 2011. The field has produced approximately 300 million barrels of oil, serving as a key contributor to the company’s growth in Brazil over the past decade.

Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil, expressed gratitude for the field’s success and the collaboration behind it: “I want to express gratitude to our employees, partners and suppliers for their contribution to the success of Peregrino over the years. Equinor’s journey in Brazil continues with full momentum—with Bacalhau, our Raia gas project, our partnership with Petrobras in Roncador, and our growing exploration and renewables portfolio.”

The transaction represents an important step in Equinor’s strategy to reshape its global portfolio by focusing on high-return, lower-emission energy developments. The company maintains its strong commitment to Brazil as a core growth region, with ongoing operations across oil, gas, and renewable projects.

The sale of Equinor’s remaining 20% share in Peregrino, signed in May 2025, is still subject to certain conditions precedent. Equinor will continue as a non-operated partner until that transaction closes, with a further payment to follow upon completion.

Press contact:

Sissel Rinde
Vice president Media relations
Corporate affairs
sisr@equinor.com
+47 412 60 584

SOURCE: Equinor ASA