Equinor sells 60% Peregrino stake to Prio for $3.5 billion

Norwegian energy company Equinor has agreed to sell its 60% operated stake in Brazil’s Peregrino oil field to Prio Tigris, a subsidiary of PRIO SA, for approximately $3.5 billion. The deal includes a payment of $3.35 billion plus up to $150 million in interest, with Equinor continuing to operate the field until the transaction is finalized and PRIO assuming operatorship thereafter. This move is part of Equinor’s strategy to 'high-grade' its international portfolio by divesting certain assets while focusing on new projects like the Bacalhau field and the Raia gas project in Brazil. Despite the sale, Brazil remains a core country for Equinor, with expectations that its equity production there will approach 200,000 barrels per day by 2030. Peregrino, operated by Equinor since 2009, has produced about 300 million barrels of oil to date. The transaction is subject to regulatory and legal approvals.