Picture credit score: Felipe Torres, Equinor.
Equinor has entered into agreements with Brazilian firm PRIO to promote its 60% operated curiosity within the Peregrino discipline in Brazil for a complete worth of $3.5 billion USD.
PRIO, Brazil’s largest impartial oil and gasoline firm, can pay a consideration of USD 3.35 billion and a most of USD 150 million in curiosity to Equinor for the transaction. The ultimate money fee will replicate the deadline and any deductions generated by the asset because the efficient date, which is 1 January 2024.
Equinor will probably be liable for operations of the sector till closing of the transaction, after which PRIO will take over operatorship.
“With this transaction we notice worth from a long-standing asset in our Brazil portfolio,” mentioned Philippe Mathieu, Government Vice President for Exploration and Manufacturing Worldwide at Equinor. “Brazil will proceed to be a core nation for Equinor, as we deal with beginning up the Bacalhau discipline and proceed progressing the Raia gasoline mission. With these two operated tasks and our partnership in Roncador our fairness manufacturing in Brazil will probably be near 200,000 bpd by 2030.”
“This deal is a part of Equinor’s ongoing effort to high-grade its worldwide portfolio by way of asset divestments and acquisitions. We proceed to see development potential and alternatives to increase the longevity of our worldwide oil and gasoline portfolio, additionally in Brazil,” Mathieu continued.
Equinor has been working the Peregrino discipline since 2009 and round 300 million barrels of oil have been produced by the asset since. Peregrino is a heavy oil discipline and consists of a FPSO platform supported by three fastened platforms. The sphere is within the Campos Basin, east of Rio de Janeiro. In Q1 2025, Equinor´s share of manufacturing from Peregrino was round 55,000 bpd.
Final 12 months, PRIO acquired Sinochem’s 40% curiosity within the Peregrino discipline.
“PRIO has been a valued associate since becoming a member of the Peregrino license final 12 months, and we look ahead to a clean hand-over with them,” says Veronica Coelho, Senior Vice President and Nation Supervisor for Equinor Brazil.
“We’re very pleased with the work that has been carried out by our group over the previous 20 years on the Peregrino discipline. This asset has been the cornerstone of Equinor’s historical past in Brazil,” Coelho continued. “Our journey in Brazil continues with full momentum, constructing on the legacy of those who have labored on Peregrino. We’re getting ready for operations on Bacalhau, in addition to the startup of the Serra da Babilonia renewable hybrid mission by our subsidiary Rio Power and we’re progressing the Raia gasoline mission.”
The transaction is topic to regulatory and authorized approvals. The fee will happen in two tranches, one at signing and an extra one nearer to closing. The fee will probably be topic to customary changes.