Equinor has completed the sale of its 40% operated interest in Brazil’s Peregrino field to local oil and gas company PRIO, for a total consideration of $2.33bn (Nkr23.47bn). 

With this transaction, PRIO has assumed full operatorship of the asset. 

After adjustment for a $335m (1.77bn reais) deposit paid by PRIO and cash flow received by Equinor after the transaction’s effective date, Equinor received $1.55bn at closing. 

In May this year, subsidiaries of Equinor and PRIO signed agreements for the 60% stake in Peregrino with operatorship. 

Equinor will continue as a non‑operated partner until the sale of the remaining 20% is completed, and a further payment is expected at that closing. 

Equinor international exploration and production executive vice-president 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 for Equinor. 

“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. 

“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.” 

The Peregrino field is located in the Campos Basin, east of Rio de Janeiro, Brazil. 

The field started production in 2011, with a reported total output of around 300 million barrels since its start‑up. 

The asset comprises a floating production, storage and offloading vessel supported by three fixed platforms, and produces heavy oil. 

Equinor said that its share of production in the Peregrino field for the first quarter of 2025 was around 55,000 barrels per day. 

Equinor senior vice-president and country manager for Brazil Veronica Coelho said: “I want to express gratitude to our employees, partners and suppliers for their contribution to the success of Peregrino over the years. 

“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.”