The Peregrino FPSO. Photo: Felipe Torres / Equinor

Equinor has completed the sale of its operating stake in Brazil, marking a major milestone in its portfolio optimisation strategy.

Transaction Highlights

• Equinor’s Brazilian subsidiary, Equinor Brasil Energia Ltda., has sold its 60 % operated interest in the Peregrino field in the Campos Basin offshore Brazil to PRIO SA (via its subsidiary Prio Tigris Ltda.) for a consideration of approximately USD 3.35 billion, plus a contingent payment of up to USD 150 million.
• The effective date of the transaction is 1 January 2024, with final cash payment subject to customary adjustments reflecting operating performance and closing date.
• Equinor will continue to operate the Peregrino field until closing of the transaction, at which point PRIO will assume full operatorship.

“This transaction enables Equinor to realise value from a long-standing asset in Brazil and redeploy capital into higher-growth opportunities,” said Philippe Mathieu, Executive Vice President for Exploration & Production International at Equinor. “Brazil remains a core country for us — we remain committed to the region through our operated projects such as the Bacalhau field and the Raia gas project, and expect to maintain a significant production footprint there by 2030.”

“This is part of our ongoing effort to ‘high-grade’ our international portfolio, ensuring that the assets we hold align with our long-term value-creation objectives,” Mathieu added.

The Peregrino Field

• The Peregrino field is a heavy-oil asset located in the Campos Basin, east of Rio de Janeiro, and consists of a floating production storage and offloading (FPSO) unit supported by three fixed platforms.
• Since production began in 2009, Equinor’s operated interest has produced approximately 300 million barrels of oil.
• In the first quarter of 2025, Equinor’s share of production from the asset was about 55,000 barrels per day.

Equinor will reinvest the proceeds into its core growth programmes including offshore developments, gas projects and its expanding renewables & low-carbon business in Brazil and globally.

KeyFacts Energy: Equinor Brazil country profile   l   PetroRio Brazil country profile