Equinor sells 60% of Brazil's Peregrino oil field to Prio at $3.5 billion

Equinor announced on Friday that it's Brazil unit had agreed to sell to PRIO SA a 60% interest in the Peregrino Oil Field for up to $3.5 Billion.

Prio will pay Equinor a base amount of $3.35billion, plus additional interest payments up to $150m. It will also take full ownership of the oilfield after the transaction closes.

Last year, it bought the remaining 40 percent stake from Sinochem in China in a deal worth nearly $2 billion.

Equinor is actively seeking to divest assets from its portfolio. It sold assets in Nigeria and Azerbaijan at the end of 2024, and is now looking to sell some of its assets located in Argentina.

This deal is part and parcel of Equinor’s ongoing efforts to upgrade its international portfolio by asset divestments, said Philippe Mathieu. Executive vice-president at Equinor for exploration and production internationally.

Prio would purchase a 40% stake in the field and operate it as part of the first phase of the transaction. Equinor will then sell the 20% remaining stake in the second phase.

It said that Equinor would be responsible for the operations of the fields until the closing of the deal. (Reporting and editing by Alan Barona in Bengaluru, Rashmia Aich, and Bipasha dey from Bengaluru)

(source: Reuters)