PRIO Acquires Equinor's Campo de Peregrino for $3.35 Billion; Norwegian Giant Aims for New Offshore Projects in Brazil

PRIO Acquires Equinor’s Campo de Peregrino for $3.35 Billion; Norwegian Giant Aims for New Offshore Projects in Brazil

Written by Débora Araújo

Published on 02/05/2025 at 11:11

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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.

ARTICLE CONTINUES BELOW

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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PRIO Acquires Equinor’s Campo de Peregrino for $3.35 Billion; Norwegian Giant Aims for New Offshore Projects in Brazil

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.

Peregrino Field is a Historic Asset of Equinor in Brazil

Equinor Focuses on New Projects in Bacalhau and Raia Fields

Transaction Strengthens PRIO’s Expansion in the Brazilian Offshore

Investments in Renewable Energy Are Also on the Radar

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PRIO Acquires Equinor’s Campo de Peregrino for $3.35 Billion; Norwegian Giant Aims for New Offshore Projects in Brazil

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.

Peregrino Field is a Historic Asset of Equinor in Brazil

Equinor Focuses on New Projects in Bacalhau and Raia Fields

Transaction Strengthens PRIO’s Expansion in the Brazilian Offshore

Investments in Renewable Energy Are Also on the Radar

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

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