Equinor has closed the sale of a 40% operated interest in the Peregrino field in Brazil to PRIO. Following this transaction, PRIO assumes full operatorship of the field.
Equinor has received a total payment of USD 2.33 billion for its 40% operated interest. After adjustment for a deposit paid by PRIO and cashflow received by Equinor after the effective date of the transaction, Equinor has received USD 1.55 billion at closing. The deposit of USD 335 million paid by PRIO at signing relates to both the 40% and 20% transactions.
"With the closing of this part of the transaction we are handing over operatorship of Peregrino to PRIO and realising significant value for Equinor. The deal is part of our ongoing effort to high-grade our international portfolio, by divesting more mature assets to redeploy capital to assets with greater robustness and more long-term value potential. Brazil remains a core area for Equinor and just last month we started production from Bacalhau, our largest international offshore field, and acquired two exciting exploration blocks in the Campos basin," says Philippe Mathieu, executive vice president for Exploration and Production International at Equinor.
The Peregrino field, located in the Campos Basin east of Rio de Janeiro, has been a cornerstone of Equinor’s international portfolio since production began in 2011. Over the years, the field has produced approximately 300 million barrels of oil and has been a significant contributor to Equinor’s growth in Brazil.
"I want to express gratitude to our employees, partners and suppliers for their contribution to the success of Peregrino over the years. Equinor’s journey in Brazil continues with full momentum with Bacalhau, our Raia gas project, our partnership with Petrobras in Roncador and our growing exploration and renewables portfolio," says Veronica Coelho, senior vice president and country manager for Equinor Brazil.
In May 2025, Equinor also signed a contract for the sale of the remaining 20%, which is subject to certain conditions precedent. Equinor will continue as a non-operated partner until the closing of the remaining 20% share is completed. A further payment is expected at closing of that transaction.
