PRIO has signed a Sale and Purchase Agreement with SPEP Hong Kong and Sinopec International Oil for the acquisition of Sinochem Netherlands Cooperatief U.A., which indirectly holds a 40% interest in the Peregrino and Pitangola Fields. 

The acquisition value is $1.92 billion, with $191.5 million paid upon signing the contract, plus $1.72 billion to be paid on closing, in addition to the net working capital and other usual price adjustments for this type of transaction.

The new consortium will be formed by Equinor, the operator of the field with a 60% interest, and PRIO with a 40% interest. 

More than 230 million barrels have been safely produced in Peregrino since 2011. It is the largest production field operated by Equinor outside Norway, with daily production of around 88,000 barrels of oil through its 26 producing wells and six injection wells..

Peregrino consists of a floating production storage and offloading (FPSO) platform, supported by three fixed platforms: Alfa, Bravo and Charlie. 

KeyFacts Energy: PetroRio Brazil country profile