Equinor Sells Stake In Brazil'S Peregrino Field To Prio For $3.5 Billion

Image credit: Felipe Torres, Equinor.

Equinor has entered into agreements with Brazilian company PRIO to sell its 60% operated interest in the Peregrino field in Brazil for a total value of $3.5 billion USD.

PRIO, Brazil’s largest independent oil and gas company, will pay a consideration of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for the transaction. The final cash payment will reflect the closing date and any deductions generated by the asset since the effective date, which is 1 January 2024.

Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship.

“With this transaction we realize value from a long-standing asset in our Brazil portfolio," said Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor. "Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 bpd by 2030.” 

“This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil,” Mathieu continued.

Equinor has been operating the Peregrino field since 2009 and around 300 million barrels of oil have been produced by the asset since. Peregrino is a heavy oil field and consists of a FPSO platform supported by three fixed platforms. The field is in the Campos Basin, east of Rio de Janeiro. In Q1 2025, Equinor´s share of production from Peregrino was around 55,000 bpd.

Last year, PRIO acquired Sinochem’s 40% interest in the Peregrino field.

“PRIO has been a valued partner since joining the Peregrino license last year, and we look forward to a smooth hand-over with them,” says Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil.

“We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor’s history in Brazil," Coelho continued. "Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the startup of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project."

The transaction is subject to regulatory and legal approvals. The payment will occur in two tranches, one at signing and a further one closer to closing. The payment will be subject to customary adjustments.