Fossil Energy – Brazil
Equinor has closed the sale of a 40% operated interest in the Peregrino field in Brazil to PRIO.
Following this transaction, PRIO assumes full operatorship of the field.
Equinor has received a total payment of USD 2.33 billion for its 40% operated interest. After adjustment for a deposit paid by PRIO and cash flow received by Equinor after the effective date of the transaction, Equinor has received USD 1.55 billion at closing.
The deposit of USD 335 million paid by PRIO at signing relates to both the 40% and 20% transactions.
“With the completion of this stage of the transaction, we are transferring operatorship of Peregrino to PRIO and realising significant value for Equinor. This deal forms part of our ongoing efforts to improve the quality of our international portfolio by selling more mature assets and redeploying the capital to assets with greater robustness and long-term value potential. Brazil remains a core area for Equinor: just last month, we began producing from Bacalhau – our largest international offshore field – and acquired two promising exploration blocks in the Campos Basin,” says Philippe Mathieu, Equinor’s executive vice president of Exploration and Production International.
The Peregrino field, located in the Campos Basin east of Rio de Janeiro, has been a cornerstone of Equinor’s international portfolio since production began in 2011. Over the years, the field has produced approximately 300 million barrels of oil and has been a significant contributor to Equinor’s growth in Brazil.
