Equinor Completes $2.3 Billion Sale of Peregrino Field Stake to PRIO

Equinor (NYSE: EQNR) has finalized the sale of its 40% operated interest in the Peregrino oil field offshore Brazil to PRIO for a total consideration of USD 2.33 billion, transferring operatorship and advancing its strategy to streamline its global upstream portfolio.

The Norwegian energy major confirmed receipt of USD 1.55 billion at closing, after accounting for earlier deposits and interim cash flows. PRIO, Brazil’s largest independent oil producer, now holds full ownership and operational control of the Peregrino field, located in the Campos Basin east of Rio de Janeiro.

Peregrino has been central to Equinor’s international growth since production began in 2011, delivering roughly 300 million barrels of oil over its lifetime. The divestment continues Equinor’s strategy of recycling capital from mature assets into higher-value growth projects.

Philippe Mathieu, Equinor’s Executive Vice President for Exploration and Production International, described the sale as “part of our ongoing effort to high-grade our international portfolio,” highlighting that proceeds will be redeployed into newer, more resilient assets. Brazil remains a “core area” for Equinor, he said, noting the recent startup of the Bacalhau field—Equinor’s largest offshore development outside Norway—and the acquisition of new exploration acreage in the Campos Basin.

Equinor’s senior vice president and country manager for Brazil, Veronica Coelho, praised Peregrino’s contribution to Equinor’s Brazilian footprint and reaffirmed the company’s commitment to its other local projects, including the Raia gas development and its partnership with Petrobras in the Roncador field.

A separate agreement signed in May 2025 covers Equinor’s remaining 20% stake in Peregrino, pending regulatory and contractual approvals. Until that transaction closes, Equinor will retain a non-operated interest in the field.

By Charles Kennedy for Oilprice.com

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