BAKU, Azerbaijan, November 12. Equinor has finalized the sale of its 40% operated interest in the Peregrino oil field offshore Brazil to PRIO, marking a key step in the Norwegian company’s ongoing portfolio optimization, Trend reports.
According to the producer, with the transaction’s completion, PRIO assumes full operatorship of the field.
Equinor received a total of $2.33 billion for the stake, with $1.55 billion paid at closing after accounting for deposits and cash flow adjustments. The transaction follows a $335 million deposit previously made by PRIO at signing, which covered both the 40% and 20% share deals.
“With the closing of this part of the transaction we are handing over operatorship of Peregrino to PRIO and realizing significant value for Equinor,” said Philippe Mathieu, Executive Vice President for Exploration and Production International. “This deal is part of our ongoing effort to high-grade our international portfolio, divesting more mature assets to redeploy capital to projects with greater long-term potential. Brazil remains a core area for Equinor, with production from Bacalhau starting last month and new exploration acreage secured in the Campos Basin.”
Equinor also signed an agreement in May 2025 to sell its remaining 20% stake in Peregrino, which remains subject to certain conditions. Until that deal is completed, the company will continue as a non-operating partner, with an additional payment expected upon closing.
Located in the Campos Basin east of Rio de Janeiro, Peregrino has been central to Equinor’s international operations since production began in 2011. The field has produced around 300 million barrels of oil to date, contributing significantly to Equinor’s growth in Brazil.