Overview
- Equinor closed the first phase on November 12, transferring operatorship of the Peregrino field after PRIO acquired its operated 40% interest.
- The transaction carries total consideration of $2.33 billion, with $1.55 billion received at closing after a prior $335 million deposit and interim cash flow adjustments.
- Under the two‑phase structure, PRIO will move to an 80% interest when it acquires the remaining 20%, while Equinor holds a non‑operated 20% stake until that phase concludes.
- PRIO expects the acquisition to add about 40,000 barrels per day to its output, lifting total production above 150,000 barrels per day through operational synergies and lower lifting costs.
- Peregrino is a mature heavy‑oil field in Brazil’s Campos Basin with an FPSO and three fixed platforms that has produced roughly 300 million barrels since 2011, as Equinor redirects capital to newer projects such as Bacalhau and the Raia gas development.