- Equinor sold its 60% stake in Brazil’s Peregrino oil field to PRIO for $3.5 billion, exiting the project after 16 years of operation.
- PRIO now fully controls the Peregrino field, strengthening its position as Brazil’s top independent oil and gas producer.
- Equinor will focus on the Bacalhau and Raia projects, aiming to boost local output to 200,000 barrels per day by 2030.
Norwegian energy company Equinor ASA has sold its 60% stake in Brazil’s offshore Peregrino oil field to PRIO Tigris Ltd., a subsidiary of PRIO SA. The deal totals $3.5 billion.
The transaction includes a $3.35 billion base payment and $150 million in interest accrued since January 1, 2024. PRIO will pay in two instalments, one at the signing and the other at closing. The deal awaits regulatory and legal approval.
Equinor will operate the Peregrino field until the final handover. After closing, PRIO will take over as the sole operator and owner.
The Peregrino field sits in the Campos Basin, off the coast of Rio de Janeiro. Equinor began operations there in 2009. The field includes an FPSO vessel and three fixed platforms.
Since launch, the field has produced around 300 million barrels of oil. In early 2025, Equinor’s share of daily production reached nearly 55,000 barrels.
PRIO acquired the remaining 40% stake in 2023 from the Chinese firm Sinochem. With this new deal, PRIO now controls the entire Peregrino field. The company has strengthened its position as Brazil’s leading independent oil and gas producer.
Equinor said it aims to optimise its international portfolio through this sale. The company will now focus on larger growth projects in Brazil.
“We unlock value from a long-held asset and continue expanding in Brazil,” said Philippe Mathieu, Executive Vice President for International Exploration and Production at Equinor.
Equinor will concentrate on developing the Bacalhau field and advancing the Raia gas project. It will also maintain its role in the Roncador field partnership.
These projects could boost Equinor’s production in Brazil to 200,000 barrels per day by 2030.
Veronica Coelho, Equinor’s Country Manager in Brazil, said the Peregrino field marked a significant milestone in the company’s history. “We carry that legacy forward as we grow our footprint,” she added.
Equinor continues to hold a presence in the region through Rio Energy, its renewable energy subsidiary. Rio Energy currently leads the Serra da Babilonia hybrid renewable project.
The companies have not provided a specific timeline for regulatory approval or final handover.
Equinor’s latest move signals a strategic shift in Brazil, from managing mature oil assets to developing larger, high-potential projects.
PRIO, meanwhile, deepens its stake in Brazil’s offshore oil sector and builds a stronger independent portfolio.
The deal reflects changing dynamics in the global oil market. International oil companies now divest older assets while local firms like PRIO expand their reach.
This shift also highlights Brazil’s growing importance in global energy development.