Equinor ASA (NYSE: EQNR), sells the Peregrino field for $3.5 billion

Equinor Brasil Energia Ltda., a subsidiary of Equinor (EQNR, NYSE: EQNR), has entered into agreements (1) with Brazilian company Prio Tigris Ltda., a subsidiary of PRIO SA (PRIO3.SA) for a sale of its 60% operated interest in the Peregrino field in Brazil.

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 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,” says Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor.

“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,” says Philippe Mathieu.

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 Q1 2025, Equinor´s share of production from Peregrino was around 55,000 barrels per day.

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.