Fossil Energy – Peregrino Field
PRIO announced it has signed a Sale and Purchase Agreement with SPEP Energy Hong Kong Limited and Sinochem International Oil (Hong Kong) for the acquisition of Sinochem Petroleum Netherlands Coöperatief, which indirectly holds a 40% interest in the Peregrino and Pitangola Fields.
The new consortium will be formed by Equinor, the operator of the Field with a 60% interest, and PRIO, with a 40% interest. The transaction’s completion is subject to the usual conditions precedent for this type of transaction, such as CADE approval and the waiver or lapse of Equinor’s pre-emption rights within 30 days.
The acquisition value is US$ 1.915 billion, with US$ 191.5 million paid upon signing the contract, plus US$ 1.723.5 billion to be paid on closing, in addition to the net working capital and other usual price adjustments for this type of transaction (the price net of the adjustments should remain between US$ 1.665 billion and US$ 1.715 billion).
The company and its subsidiaries also had US$ 632 million in tax losses on December 31, 2023.
