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ANP Halts Production at Peregrino and PRIO Calculates Million-Dollar Losses. Agency’s Decision Exposes Critical Flaws in FPSO and Could Drain Up to US$ 180 Million from Nelson Tanure’s Oil Company
The production at Peregrino was halted by the National Agency of Petroleum (ANP) after an audit identified critical flaws in the FPSO and documentation issues. This measure directly impacts PRIO, which currently holds 40% of the field and is already negotiating to purchase the remaining 60% from Equinor.
According to G1, the halt comes at a strategic moment for the oil company, which expects to fully take over the asset by early 2026. Until then, the financial impact could reach tens of millions of dollars per month, draining a significant part of the company’s cash flow.
Why Did ANP Suspend Production at Peregrino
Between August 11 and 15, ANP conducted an inspection on the FPSO at Peregrino. The report indicated “serious and imminent risk situations,” which led to the immediate suspension of production. The flaws were classified as systemic and critical, including pending safety documentation.
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Equinor, still the operator of the field, has begun repairs to meet the agency’s requirements. The forecast is that the work will take 3 to 6 weeks, during which production will be completely halted.
Financial Impact for PRIO
According to PRIO’s CEO, Roberto Monteiro, the Peregrino field currently generates US$ 40 million monthly for the company. Considering the expected duration of the halt, the impact could range between US$ 30 million and US$ 60 million, just on the company’s 40% share.
In a scenario where PRIO already held 100% of Peregrino, the potential loss would be even greater. Market analyses, such as those from XP, estimate that every seven days of suspension equates to an economic impact of US$ 30 million, about 0.5% of the company’s market value. This could represent up to US$ 180 million in the most pessimistic scenario.
The Strategic Importance of the Peregrino Field
With estimated reserves of 202 million barrels and daily production of around 100,000 barrels, Peregrino is one of the most relevant assets in PRIO’s portfolio. Today, the company’s total production is about 90,000 barrels per day, meaning the field represents a significant scale-up.
The US$ 3.35 billion deal closed with Equinor includes value adjustments at closing, depending on cash generation during the period. This could mitigate some of the financial impact if the halt is considered in the final calculation.
Market Reaction and Next Steps
PRIO’s shares have fallen 19% in the last 12 months, and the news of the suspension increases uncertainty regarding short-term results. Despite this, Monteiro stated that the company’s outlook on the asset remains positive and the priority is to restore production quickly.
Discussions regarding possible adjustments to the acquisition value are expected to occur after the repairs are completed and operations resume. Until then, investors are closely monitoring developments and costs that could pressure the company’s cash flow.
The production at Peregrino is temporarily suspended, and PRIO faces an important financial test amid the acquisition of the entire asset. How the company absorbs this impact may define its performance in the market in the coming quarters.
And you, do you believe that the suspension jeopardizes PRIO’s future, or will it just be a temporary setback? Leave your opinion in the comments — we want to hear from those who are closely following the oil sector.
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