Equinor closes stake sale of international portfolio ‘cornerstone’ in Brazil

November 12, 2025, by Dragana Nikše

Norwegian state-owned energy giant Equinor has finalized the sale of its operated interest in a field in Brazil’s Campos Basin to Brazilian oil and gas company PRIO, formerly known as PetroRio.

The Peregrino C platform; Credit: Rodrigo Abreu de Oliveira Santos / Roberto Antunes Kattan / Equinor

Thanks to the acquisition of a 40% operated interest in the Peregrino field previously held by Equinor, PRIO now has full operatorship of the field. This concludes the first phase of the deal between the two players, first announced in May. The second, the acquisition of the remaining 20%, is expected to close by mid-2026.

After assuming operatorship, the Brazilian firm will consolidate an 80% interest in the consortium, while Equinor will retain the remaining 20% until the second phase of the transaction is concluded. PRIO believes the transaction will allow it to capitalize on operational synergies and reduce lifting costs.

Equinor said it received a total payment of $2.33 billion for its 40% operated interest, which translates into $1.55 billion at closing after adjustments for a deposit and cash flow received by Equinor after the effective date. PRIO paid a $335 million deposit at signing, which relates to both phases.

Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor said: “With the closing of this part of the transaction we are handing over operatorship of Peregrino to PRIO and realising significant value for Equinor. The deal is part of our ongoing effort to high-grade our international portfolio, by divesting more mature assets to redeploy capital to assets with greater robustness and more long-term value potential.“

According to Mathieu, Brazil remains a core area for Equinor. The Norwegian giant’s largest international offshore field, Bacalhau, started producing last month. The company also acquired two exploration blocks in the Campos Basin, which its EVP for Exploration and Production sees as exciting.

Located in the Campos Basin east of Rio de Janeiro, the Peregrino field is described by Equinor as the cornerstone of its international portfolio. Since the start of production in 2011, the field has produced approximately 300 million barrels of oil, contributing to Equinor’s growth in Brazil.

The Norwegian company has been operating the heavy oil field since 2009. The field comprises a floating production storage and offloading (FPSO) unit, and three fixed platforms – Peregrino A, B, and C.

For its part, PRIO says the acquisition is another step in the execution of its growth strategy, based on the acquisition and redevelopment of mature fields. The company expects the transaction to add approximately 40,000 barrels per day to its production, increasing total production to more than 150,000 barrels per day.