Equinor Brasil Energia, a subsidiary of Equinor, has signed agreements to sell its 60% interest in the Peregrino field in Brazil to PRIO Tigris, a subsidiary of PRIO, for $3.5bn (Nkr36.35bn).

The deal is structured in two parts, with the first involving the acquisition of a 40% stake and operatorship, and the second involving the acquisition of the remaining 20%.

The 40% stake includes a payment of $2.233bn, with an additional payment of $166m contingent upon the completion of the second part. The remaining 20% stake has a value of $951m.

PRIO will pay Equinor a total consideration of up to $3.5bn, including a maximum interest payment of $150m.

The final cash payment will account for adjustments based on the asset's performance since 1 January 2024.

Equinor will continue to manage the Peregrino field until the transaction is finalised, after which PRIO will assume control.

Equinor executive vice-president for exploration and production international Philippe Mathieu said: “With this transaction we realise value from a long-standing asset in our Brazil portfolio. 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 [bpd] by 2030.

“This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil.”

Since commencing operations in 2009, the Peregrino field has produced approximately 300 million barrels of oil.

Situated in the Campos Basin, Peregrino is a heavy oil field that includes a floating production storage and offloading (FPSO) unit and three fixed platforms. Equinor's share of production from Peregrino was around 55,000bpd in the first quarter of 2025.

The acquisition follows PRIO's previous purchase of Sinochem's 40% interest in the Peregrino field last year.

The completion of this transaction is contingent upon regulatory and legal approvals, with the payment to be made in two instalments.

Equinor Brazil senior vice-president and country manager Veronica Coelho said: “PRIO has been a valued partner since joining the Peregrino licence last year, and we look forward to a smooth hand-over with them.

“We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor’s history in Brazil. Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the start-up of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project.”