Norwegian energy major Equinor has sold its stake in the Peregrino field to Brazilian company Prio Tigris, a subsidiary of PRIO, for $3.5bn
Equinor sold its 60% operated interest in the field to PRIO, Brazil’s largest independent oil and gas company, for a consideration of $3.35bn and an additional maximum of $150m in interest. The effective date of the transaction is January 1, 2024.
The payment will occur in two tranches, one at signing and a further one closer to closing. The payment will be subject to customary adjustments.
PRIO has been a partner in the Peregrino field since last year when it acquired Sinochem’s 40% interest.
Equinor has been operating the Peregrino field since 2009, and around 300m barrels of oil have been produced by the asset since. Peregrino is a heavy oil field and consists of an FPSO, supported by three fixed platforms.
The Norwegian firm will be responsible for the operations of the field until closing of the transaction, after which PRIO will take over operatorship.
“Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador, our equity production in Brazil will be close to 200,000 barrels per day by 2030,” said Philippe Mathieu, EVP for international exploration and production at Equinor.
