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In a transaction of up to US$ 3.5 billion, the Brazilian PRIO acquired the stake of the Norwegian Equinor and took 100% control of the oil field of Peregrino, consolidating itself as the largest independent producer in Brazil.
In one of the most important deals in the energy sector of South America, Brazilian oil company PRIO finalized the purchase of the 60% stake of the Norwegian Equinor in the oil field of Peregrino. The transaction, announced on May 2, 2025, could reach US$ 3.5 billion and represents a transformative move for PRIO.
The purchase, which had already begun with the acquisition of 40% of the Chinese Sinochem in 2024, gives PRIO total control of one of the largest producing fields in the Campos Basin. For the Brazilian company, it is the chance to apply its formula for success to a world-class asset. For Equinor, it is a strategic pivot to focus on new projects in Brazil.
The Strategic Sale: Why Did the Norwegian Equinor Sell Its Largest Field in Brazil?
Equinor’s decision to sell its stake in the oil field, its largest operated field outside of Norway, is part of a global strategy. The company is optimizing its portfolio, selling mature assets to free up capital and invest in higher-growth projects.
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Brazil remains a key area for Equinor. The proceeds from the sale will be redirected to new generation projects in the country, such as the Bacalhau fields and the Raia gas project. The company’s goal is to nearly double its production in Brazil, reaching close to 200,000 barrels per day by 2030.
A US$ 3.5 Billion Deal: The Details of the Purchase of Peregrino
The purchase agreement for the oil field was complex and financially sophisticated. PRIO agreed to pay a base amount of US$ 3.35 billion for the 60% stake of Equinor. An additional amount of up to US$ 150 million may be paid in interest, depending on the time until the final completion of the deal.
The smartest move by PRIO was the structure of the agreement. The effective date of the transaction was set as January 1, 2024. This means that all cash flow generated by the field since that date economically belongs to PRIO and will be deducted from the final price to be paid, allowing the asset itself to “partially self-finance.”
The Giant of the Campos Basin: What Is the Peregrino Oil Field?
The Peregrino field is located 85 km off the coast of Rio de Janeiro, in the Campos Basin. It is important to emphasize that it is a heavy oil field in the post-salt formation, not in the pre-salt. Discovered in 2004, it began production in 2011 and has the capacity to produce 110,000 barrels of oil per day.
Recently, Equinor has completed a major US$ 3 billion revitalization project in the field, called “Peregrino Phase 2.” This investment, which included the installation of a new platform, extended the asset’s lifespan until 2040 and added around 300 million barrels to its reserves.
The “PRIO Formula”: How the Company Plans to Transform the Oil Field
PRIO’s main investment thesis is to take over the operation of the field to apply its management model focused on efficiency. The company has an ambitious goal: reduce annual operating costs of Peregrino from US$ 550 million to around US$ 260 million, a decrease of nearly 50%.
With the acquisition, PRIO will add about 60,000 barrels per day to its production, a 66% increase, and will incorporate 202 million barrels of reserves. The success of the operation will transform PRIO into a true “dividend machine,” according to analysts.
Regulatory Approval and the Future of Peregrino
The final conclusion of the deal depends on the approval of Brazilian regulatory agencies, such as the Administrative Council for Economic Defense (CADE) and the National Agency of Petroleum (ANP). The expectation is that the entire process will be finalized between late 2025 and mid-2026.
The market’s reaction to the news was extremely positive, with PRIO’s shares (PRIO3) rising nearly 8% on the day of the announcement. The purchase consolidates PRIO as the largest independent producer of oil and gas in Brazil and opens a new chapter in the history of one of the most important fields in the Campos Basin.
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