Equinor Share Ceremony
- RIO DE JANEIRO (AP) — Equinor, the Norwegian energy company, is reshaping its investment strategy in Brazil with the sale of its 60% operated interest in the Peregrino...
- PRIO will pay equinor $3.35 billion, with the potential for an additional $150 million in interest, according to a statement.Upon completion of the transaction, PRIO, described as BrazilS...
- Equinor characterizes the sale as a strategic move to optimize its portfolio.
Equinor Sells Peregrino Oil Field Stake in Brazil to PRIO for $3.5 Billion
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RIO DE JANEIRO (AP) — Equinor, the Norwegian energy company, is reshaping its investment strategy in Brazil with the sale of its 60% operated interest in the Peregrino oil field to PRIO, a Brazilian oil and gas producer. The deal, announced Friday, coudl total up to $3.5 billion.
Deal Details
PRIO will pay equinor $3.35 billion, with the potential for an additional $150 million in interest, according to a statement.Upon completion of the transaction, PRIO, described as BrazilS largest independent oil and gas company, will assume operational control of the Peregrino field.
- Payment Structure: PRIO will make payments in two installments: one upon signing the contract and another near the deal’s closing.
- Effective Date: The sale is retroactive to Jan.1, 2024.
- Operational Transition: Equinor will maintain operational control until the deal concludes.
Equinor’s Strategic Shift
Equinor characterizes the sale as a strategic move to optimize its portfolio. Philippe Mathieu, Equinor’s executive vice president for international exploration and production, stated, “With this transaction, we realize the value of a long-term asset in our Brazil portfolio.”
The company is shifting its focus toward newer,large-scale projects in Brazil,including the Bacalhau oil field and the Raia gas project. Equinor aims to increase its production in Brazil to approximately 200,000 barrels per day by 2030.
Peregrino Field History
Equinor has operated the Peregrino field, located in the Campos Basin off the coast of Rio de Janeiro, since 2009. Over the past 16 years, the field has produced approximately 300 million barrels of oil. The field’s infrastructure includes a floating production storage and offloading (FPSO) vessel and three fixed platforms.
In the first quarter of 2025, the Peregrino field produced around 55,000 barrels of oil per day under Equinor’s management.
Looking Ahead
The sale represents a strategic pivot for Equinor in Brazil,moving away from established fields toward developing new projects. The success of this strategy remains to be seen as the company focuses on its remaining projects in the region. Equinor has signaled its continued commitment to Brazil, albeit with a revised approach.
# Equinor Sells Peregrino Oil Field Stake: A Comprehensive Q&A
## What happened with Equinor’s Peregrino oil field in Brazil?
Equinor, a Norwegian energy company, announced the sale of its 60% operated interest in the Peregrino oil field in Brazil to PRIO, a Brazilian oil and gas producer. The deal could possibly total up to $3.5 billion.
## Who purchased Equinor’s stake in the Peregrino field?
PRIO, a Brazilian oil and gas producer, is the buyer of Equinor’s stake in the Peregrino oil field.
## What are the financial details of the Peregrino field sale?
PRIO will pay Equinor $3.35 billion, with a potential additional $150 million in interest.
## What is the payment structure for the Peregrino field acquisition?
PRIO will make payments in two installments:
* One upon signing the contract.
* Another near the deal’s closing.
## When does the sale of the Peregrino field take effect?
The sale is retroactive to January 1, 2024.
## Who is in control of the Peregrino field during the transition of ownership?
Equinor will maintain operational control until the deal concludes. Upon completion, PRIO will assume operational control of the Peregrino field.
## Why did Equinor sell its stake in the Peregrino oil field?
Equinor characterizes the sale as a strategic move to optimize its portfolio. According to Philippe Mathieu, Equinor’s executive vice president for international exploration and production, “With this transaction, we realize the value of a long-term asset in our Brazil portfolio.”
## What is Equinor’s new focus in Brazil?
Equinor is shifting its focus toward newer, large-scale projects in Brazil, including the Bacalhau oil field and the Raia gas project. The company aims to increase its production in Brazil to approximately 200,000 barrels per day by 2030.
## Where is the Peregrino oil field located?
the peregrino field is situated in the Campos Basin,off the coast of Rio de Janeiro,brazil.
## How long has Equinor operated the Peregrino field?
Equinor has operated the Peregrino field since 2009.
## How much oil has the Peregrino field produced?
Over the past 16 years, the peregrino field has produced approximately 300 million barrels of oil.
## What infrastructure is in place at the Peregrino field?
The field’s infrastructure includes a floating production storage and offloading (FPSO) vessel and three fixed platforms.
## What was the oil production volume of peregrino in early 2025?
In the first quarter of 2025, the Peregrino field produced around 55,000 barrels of oil per day under Equinor’s management.
## What does this sale mean for Equinor’s overall strategy in Brazil?
The sale represents a strategic pivot for Equinor in Brazil,moving away from established fields toward developing new projects. The ultimate success of this new strategy remains to be seen. however, Equinor has signaled its continued commitment to brazil, albeit with a revised approach.
## Summary of the Equinor-PRIO Deal
| Aspect | Details |
|---|---|
| Seller | Equinor |
| Buyer | PRIO |
| Asset Sold | 60% operated interest in the Peregrino oil field |
| Total Deal Value | Up to $3.5 billion |
| Base Payment | $3.35 billion |
| Potential Interest Payment | $150 million |
| Effective Date | January 1, 2024 (retroactive) |
| Operational Control Transition | Equinor until deal closes, then PRIO |
| Equinor’s Strategic Shift | Focusing on new projects like Bacalhau and Raia, aiming for 200,000 bpd production by 2030 |