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Prio Strengthens Its Presence in the Oil Sector with New Billion-Dollar Investment in Peregrino and Pitangola Fields, Boosting Production and Expanding Its Role in the Brazilian Energy Market
Prio (PRIO3), one of the leading independent oil and gas companies in Brazil, announced this Tuesday (11) the completion of the first phase of acquiring 40% of the Peregrino and Pitangola fields, in partnership with Norway’s Equinor. The transaction value was US$ 1.545 billion, adjusted from January 1, 2024, and plus interest.
Prio’s Oil Production: Historic Record Goal
This is one of the largest investments in Prio’s history, consolidating its expansion strategy and focus on high-productivity assets. The second phase of the acquisition, scheduled for 2026, includes the remaining 20% of the stake in the fields.
With this acquisition, Prio reinforces its presence in two fields that are highly relevant to the Brazilian energy sector. The Peregrino field, located in the Campos Basin, is operated by Equinor and already has established infrastructure.
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The Pitangola field, located in Angola, represents an opportunity for geographic and technological diversification. Prio’s goal is clear: to achieve a historic record in oil production in the coming years. With the new stake, the expectation, according to market projections, is that the company’s total production will exceed 100,000 barrels per day by 2026.
Financial Details of Prio’s Acquisition
The acquisition was divided into two phases. The first, completed in November 2025, involved the payment of US$ 1.545 billion for a 40% stake in the fields. This amount does not include compensations related to the temporary shutdown of the Peregrino field, which are still under negotiation.
The second phase, scheduled for mid-2026, includes the remaining 20%, which could raise the total investment to over US$ 2 billion. This investment reinforces market confidence in Prio’s execution capabilities, having already demonstrated efficiency in other acquisitions, such as the Frade and Polvo fields.
Strategic Partnership with Equinor
The partnership between Prio and Equinor promises to generate significant operational synergies, with technology exchange, know-how, and sustainable practices. The expectation is to reduce operational costs and increase efficiency in oil extraction. In addition, Prio will apply its expertise in revitalizing mature fields, one of the company’s specialties, to extend the lifespan of the acquired assets.
Prio’s advancement in the Peregrino and Pitangola fields represents a strategic step. Peregrino is one of the largest offshore fields operated by Equinor in Brazil, with an average production of over 60,000 barrels per day. Pitangola, in Angola, is a promising asset with growth and diversification potential.
Prio is betting on operational integration and process optimization to increase the productivity of these fields. The company has already demonstrated the ability to enhance the efficiency of previously acquired assets, such as Frade, where it doubled production in less than two years.
With this acquisition, the expectation is that Prio will be able to replicate this successful model, expanding its international presence and consolidating its position in the global oil market.
Oil Production in Brazil: Promising Scenario
Brazil has established itself as one of the leading oil producers in the world, particularly highlighting pre-salt and offshore fields. According to ANP, the national production of oil and natural gas surpassed 3.9 million barrels of oil equivalent per day by mid-2025.
In this scenario, Prio positions itself as a key player, seizing opportunities for acquisition and expansion. The entry into the Peregrino and Pitangola fields strengthens its presence in strategic regions and diversifies its portfolio.
Oil production is one of the pillars of the Brazilian economy, and investments like those from Prio contribute to job creation, tax revenue, and technological development.
Sustainability and Governance as Prio’s Pillars
In addition to focusing on production, Prio has invested in sustainability practices and corporate governance. The company has adhered to the principles of the UN Global Compact and implemented policies for emissions reduction and environmental management.
The acquisition of the fields also includes commitments to operational safety and social-environmental responsibility, aligned with regulatory requirements and investor expectations.
These factors reinforce Prio’s reputation as a company committed to the future of the energy sector, balancing growth with responsibility.
Future Perspectives for Prio and the Energy Sector
The completion of the acquisition of 40% of the Peregrino and Pitangola fields marks a historic moment for Prio. With an investment of US$ 1.5 billion, the company expands its production capacity, strengthens strategic partnerships, and positions itself to achieve a record oil production.
This move consolidates Prio as one of the leaders in the sector in Brazil, with a long-term vision, focus on efficiency, and commitment to sustainability. Market expectations are positive, and the coming years are set to be decisive for the company’s trajectory.
Prio remains steadfast in its mission to transform assets into opportunities, focusing on profitability, innovation, and responsibility. The investment in Peregrino and Pitangola is more than just an expansion: it is a strategic step toward the future of Brazilian energy.
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