Equinor has completed the transfer of operatorship of the Peregrino oil field in Brazil to PRIO, following the closing of the transaction involving a 40% operated interest in the asset.

Under the terms of the agreement, Equinor has received a total consideration of USD 2.33 billion for the 40% stake. After adjustments — including a deposit previously paid by PRIO and cash flows since the effective date of the transaction — Equinor received USD 1.55 billion at closing.

With this closing, PRIO assumes full operatorship of the Peregrino field. Equinor retains a 20% non-operated interest, pending the future completion of the separate transaction covering the remaining stake.

“By transferring operatorship of Peregrino, we are realising substantial value from a mature asset — a key step in our strategy to high-grade our international portfolio and redeploy capital into projects with greater long-term potential,” said Philippe Mathieu, Executive Vice President, Exploration & Production International at Equinor. “Brazil remains a strategic country for Equinor, and we continue our momentum with the start-up of the Bacalhau field, progress on the Raia gas project, and new exploration licences in the Campos Basin.”

Located in the Campos Basin east of Rio de Janeiro, the Peregrino field has been central to Equinor’s international upstream portfolio since production began in 2011. Over the field lifetime, it has delivered approximately 300 million barrels of oil.

“We thank the Equinor team, our partners and suppliers — whose dedication and expertise made Peregrino a success,” said Veronica Coelho, Senior Vice President and Country Manager, Equinor Brazil. “We look forward to seeing Peregrino continue under capable stewardship by PRIO, while Equinor remains committed to growth and new developments in Brazil across oil, gas and renewables.”