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Prio and Equinor Discuss Compensation After ANP Suspension at the Peregrino Field and Drop in Oil Production
In August of last year, the oil production at the Peregrino Field was halted by ANP’s order, resulting in significant losses. Now, on September 30, 2025, Prio is considering requesting a billion-dollar compensation from Equinor.
The suspension, motivated by safety concerns, directly impacted Prio’s operational performance, which had entered into an agreement to acquire the majority stake from Equinor in the offshore field located off the coast of Rio de Janeiro.
ANP Intervention and Immediate Impact on Oil Production
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) determined the suspension of activities at the Peregrino Field after identifying security failures in operations conducted by Equinor. Prior to the suspension, the field produced over 90,000 barrels per day, being Prio’s main source of production in the second quarter of 2024.
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The ANP’s decision came amid a significant increase in the oversight of offshore operations. According to the agency’s annual safety report, 150 oversight actions were carried out in 2024, resulting in 33 total or partial suspensions. This scenario reinforces the regulator’s stricter stance in the face of operational risks.
Billion-Dollar Agreement Between Prio and Equinor at the Peregrino Field
In May 2024, Prio announced the acquisition of the remaining 60% of the Peregrino Field, owned by Equinor, for US$ 3.5 billion. The company already held 40% of the operation after purchasing the stake from the Chinese group Sinochem the previous year.
With the transaction, Prio is preparing to fully take over the field’s operations, consolidating its position as one of the leading independent oil producers in Brazil.
The production suspension occurred a few months after the purchase announcement, raising concerns about investment return and operational continuity. Prio, facing losses, is legally assessing the possibility of requesting compensation from Equinor, although it has not yet formalized the request.
Peregrino Field: A Strategic Asset for Prio’s Oil Production
The Peregrino Field represents a strategic pillar in Prio’s expansion. Located in the Campos Basin, the asset is considered one of the most productive outside Norway for Equinor. The Norwegian company’s decision to sell its stake is part of a move to simplify its global operations, focusing on assets with higher returns and lower complexity.
For Prio, the Peregrino Field is essential for sustaining its growth and increasing its market share in oil production. The company has been investing in technology and operational efficiency to maximize the field’s potential, which has robust infrastructure, including a Floating Production Storage and Offloading (FPSO) unit.
ANP Intensifies Oversight and Reinforces Requirements in the Oil Sector
ANP’s actions have been decisive in raising safety standards in the oil industry. In 2024, the agency intensified inspections, focusing on offshore platforms and production units. The goal is to ensure the integrity of operations and prevent accidents that could compromise the environment and the lives of workers.
The suspension of the Peregrino Field is an example of the agency’s new stance, which has adopted stricter measures in the face of irregularities. ANP has already approved the first phase of the transaction between Prio and Equinor, allowing the Brazilian company to take over the field’s operation, provided it meets the established technical and regulatory requirements.
Prospects for Resuming Oil Production at the Peregrino Field
According to sources close to the operations, a large part of the maintenance work on the FPSO has already been completed, and the expectation is that ANP will authorize the resumption of production soon.
Normalizing activities is crucial for Prio to recover part of the losses and consolidate its position as the operator of the Peregrino Field.
The resumption is also strategic for Equinor, which seeks to conclude the transaction with Prio and focus on new projects, such as the start of production at the Bacalhau Field, located in the pre-salt region.
Prio’s Legal Assessment and Potential Billion-Dollar Compensation to Equinor
Although Prio has not yet formalized the compensation request, the company is legally assessing the possibilities. The unplanned suspension generated significant losses, and the company is seeking alternatives to mitigate financial impacts.
Billion-dollar compensation to Equinor could set an important precedent in the industry, especially in transactions involving assets with operational risks.
Experts point out that the success of the claim will depend on the contractual analysis and the liability clauses in the purchase agreement. Transparency and the history of communication between the parties will be key to the outcome of the negotiation.
Market Repercussions and Lessons for the Energy Sector
The Prio and Equinor case at the Peregrino Field highlights the challenges of oil production in offshore environments and the importance of efficient regulation by ANP. The suspension of activities, although temporary, caused significant financial and operational impacts, raising questions about companies’ responsibility to ensure safety and continuity.
The possible billion-dollar compensation demanded from Equinor underscores the complexity of transactions in the sector and the need for robust clauses that protect the interests of the parties involved. For Prio, the episode represents a test of resilience and management capability, while for ANP, it reinforces its role as a guardian of national energy security.
The resumption of production at the Peregrino Field will be decisive for Prio’s future and for the stability of the Brazilian oil market. The outcome of the negotiation between the companies could influence future acquisitions and partnerships in the sector, making the case a regulatory and strategic milestone.
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