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PRIO Acquires 60% of Asset in Campos Basin and Strengthens Leadership as Largest Independent Oil Company in Brazil; Value May Increase with Interest Until Closing.
The Norwegian Equinor announced this week the sale of its 60% stake in the Peregrino Field, located in the Campos Basin, to PRIO Tigris, a subsidiary of PRIO, considered the largest independent oil and gas company in Brazil. The transaction value was set at US$ 3.35 billion, with the possibility of an additional up to US$ 150 million in interest, depending on the effective closing date.
Equinor will continue operating the field until the completion of the deal, expected in the coming months, while PRIO prepares to take over operations. The payment will be divided into two installments: one payment will be made upon signing the contract and another at closing, subject to regulatory and legal approvals.
Peregrino Field is a Historic Asset of Equinor in Brazil
Operated by Equinor since 2009, the Peregrino Field has produced around 300 million barrels of oil to date. Located east of Rio de Janeiro, in the Campos Basin, the field consists of a floating production, storage, and offloading unit (FPSO) and three fixed platforms, focusing on the extraction of heavy oil.
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Only in the first quarter of 2025, Equinor’s production at the field reached about 55,000 barrels per day. Last year, PRIO had already acquired the 40% stake of the Chinese Sinochem in the same asset, making it now the full operator of the field, with 100% control over production.
Equinor Focuses on New Projects in Bacalhau and Raia Fields
Even with the sale of the Peregrino Field, Equinor emphasizes that Brazil will continue to be a strategic area for its operations. According to Philippe Mathieu, Executive Vice President of International Exploration and Production at the company, the exit from the field represents a planned restructuring of the company’s portfolio.
“With this sale, we confirm the value of a long-standing asset in our Brazilian portfolio,” he declared.
Equinor is now turning its attention to the Bacalhau projects in the pre-salt of the Santos Basin and the development of the Raia natural gas field, also on the Brazilian coast. Together, these assets should position the company’s production close to 200,000 barrels per day by 2030. The company also holds a stake in the Roncador field, operated by Petrobras, in addition to exploration licenses in the Santos Basin.
Transaction Strengthens PRIO’s Expansion in the Brazilian Offshore
The full acquisition of the Peregrino Field consolidates PRIO’s growth strategy in the offshore oil and gas sector. With operations in several mature assets in the Campos Basin, the Brazilian company has been investing in optimizations and revitalizations of fields with high potential for productive extension.
“PRIO has been a valuable partner since it joined the Peregrino Field last year,” said Veronica Coelho, President of Equinor in Brazil.
She also highlighted that the transition will be conducted safely and that the work done in the field over the past two decades represents a fundamental part of Equinor’s history in the country.
Investments in Renewable Energy Are Also on the Radar
In addition to projects in oil and gas, Equinor has also expanded its operations in the renewable energy sector. The company owns Rio Energy, a subsidiary focused on onshore generation, and is currently developing the Serra da Babilônia hybrid renewable complex.
These investments reinforce the company’s commitment to the energy transition while maintaining a strong base in offshore production. Diversification of activities has been a strategy of Equinor globally, and Brazil ranks as one of the priority countries for this expansion.
Source: Petronotícias
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