Equinor Sells Peregrino Field to Brazilian Oil and Gas Firm for $3.5B
May 2, 2025
Equinor Brasil Energia, a subsidiary of Equinor, has entered into agreements with Brazilian company Prio Tigris, a subsidiary of PRIO, for the sale of its 60% operated interest in the Peregrino field, offshore Brazil.
PRIO, Brazil’s largest independent oil and gas company, will pay a consideration of $3.35 billion and a maximum of $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 January 1, 2024.
Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship.
The deal is divided in two parts, one for the acquisition of 40% and operatorship of Peregrino, the second for the acquisition of the remaining 20%. The 40% operation will receive a payment of $2.23 billion, with an additional payment of $166 million which is contingent on the completion of the second part of 20%.
The 20% operation will have a value of $951 million. The final component is $150 million of maximum interest, reaching the total of $3.5 billion.
To remind, in September 2024 PRIO signed a sale and purchase agreement with SPEP Energy Hong Kong Limited and Sinochem International Oil for the acquisition of 40% interest in the Peregrino and Pitangola fields in the Campos Basin, offshore Brazil. After the transaction, Equinor retained the remaining 60% stake, which has now been sold.
“With this transaction we realize 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,” said Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor.
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 floating production storage and offloading (FPSO) platform, supported by three fixed platforms. The field is in the Campos Basin, east of Rio de Janeiro. In the first quarter of 2025, Equinor´s share of production from Peregrino was around 55,000 barrels per day.
The transaction is subject to regulatory and legal approvals.
