Equinor subsidiary Equinor Brasil Energia has entered into agreements to sell its 60% operated interest in Brazil’s Peregrino offshore oilfield to Prio Tigris, a subsidiary of Brazilian independent oil and gas company Prio, for USD 3.5 billion, the Norwegian company announced on Friday.
Peregrino is a heavy oilfield located in the Campos Basin about 85 kilometres offshore Rio de Janeiro in water depths of 120 metres. It consists of an FPSO supported by three fixed platforms and has been producing an average of 110,000 bopd since Equinor became the operator in 2009.
“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 bopd by 2030,” said Philippe Mathieu, executive vice-president for Exploration and Production International at Equinor.
Under the terms of the deal, Prio will first acquire 40% and operatorship of Peregrino for USD 2.2 billion and acquire the remaining 20% in a second step with an additional payment of USD 951 million.
Equinor will continue to operate the field until the transaction closes upon final cash payment. After the close, Prio will hold 100% interest in Peregrino. The company first became an interest holder when it acquired Sinochem’s 40% stake in the field in 2024 for USD 1.9 million.