The Norwegian energy group Equinor has sold 60% of its operated interest in Brazil's Peregrino oil field to the Brazilian group PRIO. The US$3.5bn deal was signed between both groups’ subsidiaries, Equinor Brasil Energia and Prio Tigris, and it includes a maximum of US$150m in interest to Equinor for the transaction. Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship. The transaction is subject to regulatory and legal approvals.
The deal represents PRIO’s acquisition of full ownership in the Peregrino field after buying Sinochem’s 40% interest in 2024. Peregrino is a heavy oil field and consists of a floating production storage and offloading (FPSO) platform, supported by three fixed platforms. In the first quarter of 2025, Equinor's 60% share of production from Peregrino was around 55 kb/d.
This deal is part of Equinor's strategy to high-grade its international portfolio through asset divestments and acquisitions. The company’s production in Brazil is expected to reach approximately 200 kb/d by 2030.