Equinor has agreed to sell its 60% operated interest in Brazil’s Peregrino oil field to PRIO’s subsidiary, Prio Tigris, for a total consideration of up to $3.5bn.
The transaction marks the Norwegian energy company’s full exit from its role as operator of the offshore heavy oil asset located in the Campos Basin.
The consideration comprises a base payment of $3.35bn and an additional contingent payment of up to $150m in interest. Equinor’s final cash proceeds will be adjusted at closing to reflect deductions or accruals from the asset since the effective date of 1 January 2024.
The sale is structured in two phases. The first phase involves the transfer of a 40% interest and operatorship, valued at $2.23bn, with a contingent additional payment of $166m.
The second phase covers the acquisition of the remaining 20% for a total of $951m. Upon completion of both tranches, PRIO will become the sole owner and operator of the Peregrino field.
PRIO had acquired Sinochem’s 40% non-operating interest in the Peregrino field in 2024.
Until the transaction reaches completion, Equinor will continue to operate the field. Once closed, PRIO will assume full operational responsibilities.
Equinor exploration and production international executive vice president Philippe Mathieu said: “With this transaction we realise value from a long-standing asset in our Brazil portfolio.
“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 barrels per day by 2030.”
Since 2009, the Peregrino field has been operated by Equinor. The field began production in 2011 and has delivered close to 300 million barrels of oil to date.
In Q1 2025, Equinor’s share of daily production stood at approximately 55,000 barrels. The field infrastructure includes a floating production storage and offloading (FPSO) unit supported by three fixed platforms.
Peregrino Phase 2 began producing oil in 2022, extending the operational life of the field to 2040 and adding an estimated 300 million barrels of recoverable oil. The FPSO Peregrino has an oil processing capacity of 110,000 barrels per day and can handle up to 300,000 barrels of water per day.
The transaction is subject to customary legal and regulatory approvals in Brazil. No timeline for final approval and closing has been publicly disclosed.
