PRIO will pay Equinor a total amount of up to $3.5 billion, including a maximum interest payment of $150 million.
Equinor will continue to operate the Peregrino field until the deal is completed, after which PRIO will take over management.
Equinor’s Executive Vice President, Exploration and Production, Philippe Mathieu, said: “With this deal, we are capitalizing on a long-standing asset in our Brazilian portfolio. Brazil will remain a key country for Equinor as we focus on bringing the Bacalhau field to life and continue to develop the Raia gas project. With these two managed projects and our partnership at Roncador, our production in Brazil will approach 200,000 barrels per day by 2030.
“This transaction is part of Equinor's ongoing efforts to enhance the profile of its international portfolio through asset sales and acquisitions. We continue to see growth potential and opportunities to extend the life of our international oil and gas portfolio, including in Brazil.”
Since the start of operations in 2009, the Peregrino field has produced about 300 million barrels of oil.
Located in the Campos Basin, Peregrino is a heavy oil field that includes a floating production, storage and offloading (FPSO) unit and three fixed platforms. Equinor's share of production at Peregrino was approximately 55,000 barrels per day in the first quarter of 2025 .
Source: Reuters
