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Equinor sells its operator stake in Brazil's Peregrino field
Norway’s state-run energy group has sold its 40% operated interest in the Peregrino field in Brazil to the nation’s PRIO to focus on two oil and gas projects and exploration in the Campos Basin
Equinor has sold its 40% operated interest in the Peregrino field, including its platform and floating production storage and offloading (FPSO) vessel, to domestic energy group PRIO to focus future Brazilian investment on exploration and two oil and gas projects.
Norway’s state-run energy group received a payment of US$2.3Bn for its 40% operated interest as part of its ongoing strategy to high-grade its international portfolio.
Equinor executive vice president for international exploration and production Philippe Mathieu said, "With the closing of this part of the transaction we are handing over operatorship of Peregrino to PRIO and realising significant value."
The Peregrino field, located in the Campos Basin east of Rio de Janeiro, has been a cornerstone of Equinor’s international portfolio since production began in 2011.
Over the years, this field has produced around 300M barrels of oil and has been a significant contributor to Equinor’s growth in Brazil.
“The deal is part of our ongoing effort to high-grade our international portfolio, by divesting more mature assets to redeploy capital to assets with greater robustness and more long-term value potential,” said Mr Mathieu.
"Brazil remains a core area for Equinor and just last month we started production from Bacalhau, our largest international offshore field, and acquired two exciting exploration blocks in the Campos basin."
Equinor is selling its other 20% stake in Peregrino to PRIO in an agreement announced in May 2025, so the Oslo, Norway-headquartered group will continue as a non-operated partner until the closing of this transaction, when a further payment is expected.
“Equinor’s journey in Brazil continues with full momentum with Bacalhau, our Raia gas project, our partnership with Petrobras in Roncador and our growing exploration and renewables portfolio," said Equinor Brazil senior vice president Veronica Coelho.
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