Equinor Brasil Energia Ltda., a subsidiary of Norwegian energy company Equinor ASA, has signed agreements to sell its 60% operated interest in the Peregrino oil field to Brazilian oil and gas firm Prio Tigris Ltda., a subsidiary of PRIO SA. The deal is valued at $3.5 billion, including $3.35 billion in consideration and up to $150 million in interest.

The final payment will be adjusted to reflect the effective date of Jan. 1, 2024, as well as any operational results generated by the asset until the transaction closes. Equinor will maintain operatorship of the Peregrino field until the transaction is finalized, after which PRIO will assume full operational control.

“With this transaction, we are unlocking value from a long-standing asset in our Brazil portfolio,” said Philippe Mathieu, Equinor’s executive vice president for exploration and production international. “Brazil remains a core country for us, especially as we prepare for the startup of the Bacalhau field and continue to advance the Raia gas project. With Bacalhau, Raia and our stake in Roncador, we expect our equity production in Brazil to reach nearly 200,000 barrels per day by 2030.”

Mathieu noted the sale supports Equinor’s ongoing strategy to high-grade its international portfolio through a mix of divestments and acquisitions. “We continue to see opportunities to extend the life of our oil and gas assets abroad, including in Brazil,” he said.

Equinor has operated the Peregrino field, located in the Campos Basin off the coast of Rio de Janeiro, since 2009. The field, known for its heavy oil, includes a floating production, storage and offloading (FPSO) vessel and three fixed platforms. Since operations began, the field has produced approximately 300 million barrels of oil. In the first quarter of 2025, Equinor’s share of daily production averaged about 55,000 barrels.

Last year, PRIO acquired the remaining 40% interest in the Peregrino field from Sinochem, making this latest purchase a consolidation of its ownership.

“PRIO has been a trusted partner since joining the license, and we look forward to a smooth transition,” said Veronica Coelho, Equinor’s senior vice president and Brazil country manager. “Peregrino has been the foundation of our history in Brazil. Now, our focus turns to preparing Bacalhau for operations, advancing the Raia gas project and launching the Serra da Babilônia renewable hybrid project through our subsidiary, Rio Energy.”

The sale remains subject to regulatory and legal approvals. Payment will occur in two tranches: one at signing and another near closing, subject to customary adjustments.