Cade Authorizes PRIO to Acquire Stake in Equinor Brazil in Peregrino and Pitangola Oil Fields in RJ

Written by Andriely Medeiros de Araújo

Published on 04/06/2025 at 19:39

A petroleira PRIO poderá assumir 80% de participação nos campos de Peregrino e Pitangola, na Bacia de Santos, após aval do Cade. Imagem: Canva.

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The oil company PRIO may acquire 80% participation in the Peregrino and Pitangola fields in the Santos Basin, after approval from Cade.

PRIO, the largest independent oil company in Brazil, received approval from the Administrative Council for Economic Defense (Cade) to acquire an additional 40% stake in blocks BM-C-7 and BM-C-47, located in the fields of Peregrino and Pitangola, in the Campos Basin (RJ). With the deal, which involves assets currently controlled by Equinor Brasil, PRIO can increase its share from 40% to 80%, while Equinor will retain the remaining 20%.

Deal Approved and Published in the Official Gazette

The Cade decision was published in the Official Gazette of the Union on June 3. According to authorities involved in the process, the operation aligns with the strategies of both companies.

“The operation is consistent with PRIO’s business model and value creation strategy. From Equinor Brasil’s perspective, the operation aligns with the group’s ongoing effort to optimize its international portfolio through divestments and acquisitions, as well as the (…) potential value it has created for the Peregrino Field and the Pitangola Field,” the companies stated to Cade.

ARTICLE CONTINUES BELOW

Expansion After Billion-Dollar Acquisition of Sinochem

PRIO had already held the 40% stake in the blocks since September 2024, when it acquired Sinochem Petroleum Brazil for US$ 1.9 billion.

Now, with the new agreement, it will have a majority control over the operations of the two fields, strengthening its strategic presence in the Campos Basin, one of the most productive regions in the country for offshore oil.

Production and Logistics Outlook with New Structure

Even before increasing its participation, PRIO estimated a growth of about 35,000 barrels per day from operations in the Peregrino and Pitangola fields.

Additionally, the company anticipated significant logistical synergy by combining off-takes of approximately 650,000 barrels from Peregrino with loads from other fields under its operation, optimizing the marketing of the extracted oil.

About PRIO

With a trajectory marked by innovation and efficiency, PRIO specializes in the recovery of mature fields and the technical management of reservoirs.

The company values the safety and health of its employees, continually seeking high-performance operational solutions and cost reductions, establishing itself as a benchmark in the oil and gas sector in Brazil.

Source: MegaWhat

Cade Authorizes PRIO to Acquire Stake in Equinor Brazil in Peregrino and Pitangola Oil Fields in RJ

The oil company PRIO may acquire 80% participation in the Peregrino and Pitangola fields in the Santos Basin, after approval from Cade.

Deal Approved and Published in the Official Gazette

Expansion After Billion-Dollar Acquisition of Sinochem

Production and Logistics Outlook with New Structure

About PRIO

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Cade Authorizes PRIO to Acquire Stake in Equinor Brazil in Peregrino and Pitangola Oil Fields in RJ

The oil company PRIO may acquire 80% participation in the Peregrino and Pitangola fields in the Santos Basin, after approval from Cade.

Deal Approved and Published in the Official Gazette

Expansion After Billion-Dollar Acquisition of Sinochem

Production and Logistics Outlook with New Structure

About PRIO

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While communities suffer from water scarcity and the advancing desert, women in Morocco use nets high up in the mountains to trap fog droplets, fill reservoirs, and transport drinking water through more than 10 km of piping.

China has begun the second phase of energy assistance to Cuba with a 120 MW solar generation plan, and the first result is a photovoltaic park with batteries that regulates voltage, controls frequency, and provides local autonomy to an island suffocated by chronic blackouts.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

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