PRIO takes over Brazil’s Peregrino field as Equinor closes $2.33-billion sale

RIO DE JANEIRO, November 12, 2025 – Equinor has finalised the USD 2.33-billion sale of its 40% operated interest in the Peregrino oilfield offshore Brazil to local independent PRIO, which now assumes full operatorship, the Norwegian company said on Tuesday.

The Norwegian energy company received USD 1.55 billion at closing, following a USD 335-million deposit and cashflow adjustments. Located in the Campos Basin, Peregrino has produced around 300 million barrels of oil since it began output in 2011.

“With the closing of this part of the transaction we are handing over operatorship of Peregrino to PRIO and realising significant value for Equinor,” executive vice-president for exploration and production international Philippe Mathieu said.

Equinor will remain a non-operated partner until the closing of a separate deal signed in May 2025 for its remaining 20% stake, which is subject to conditions precedent.

Equinor’s Brazilian portfolio includes the Bacalhau offshore project, which began production in October 2025, as well as the Raia gas development, a partnership in Roncador with Petrobras and expanding exploration and renewables assets.

PRIO is Brazil’s largest independent oil and gas operator, focused on redeveloping mature offshore fields. It operates several assets in the Campos Basin and targets recovery maximisation through efficient operations and technology.

Read our latest insights on: