Equinor has sold a 40% operated interest in the Peregrino field in Brazil to PRIO for USD 2.33 billion, marking a strategic portfolio optimization move while PRIO assumes full operatorship.

Information on the Target

Equinor has successfully completed the sale of a 40% operated interest in the Peregrino field, located in the Campos Basin of Brazil, to PRIO. As a result of this transaction, PRIO has assumed full operatorship of the Peregrino field. Equinor has received a total payment of USD 2.33 billion for its 40% interest, with USD 1.55 billion received at closing. The remaining amount accounts for a deposit paid by PRIO and cash flows received by Equinor after the transaction's effective date.

The Peregrino field has played a crucial role in Equinor's international portfolio since it began producing oil in 2011. Over the years, the field has yielded approximately 300 million barrels of oil, significantly contributing to Equinor’s expansion in Brazil. The company’s executive team acknowledges the efforts of their employees, partners, and suppliers in making Peregrino a success.

Industry Overview in Brazil

Brazil's oil and gas industry has been a focal point for international investors, characterized by its vast offshore reserves and significant production capabilities. The Campos Basin, where the Peregrino field is located, is renowned for its oi