Peregrino field: Prio takes the helm

PRIO has completed the acquisition of a 40% interest and operatorship in Peregrino Field, Campos Basin — increasing its stake to 80%.

Key facts:

• The deal adds about +40,000 barrels per day (bpd) to PRIO’s output, taking total production above 150,000 bpd.
• Transaction value for this first phase was US$ 1.545 billion, with the remaining 20% stake expected to close by mid-2026.
• Peregrino, discovered in 2004 and on stream since 2011, produces heavy oil via FPSO and three fixed platforms. Cumulative output already exceeds 300 million barrels.
• PRIO now holds operatorship, positioned to optimize logistics, reduce lifting costs, and integrate operations across its mature-asset portfolio.
• The company estimates surpassing 200,000 bpd within eight months — driven by the startup of the Wahoo Field and the expected closing of the remaining 20% Peregrino interest.
• For former operator Equinor ASA, the divestment aligns with its strategy of focusing on higher-growth assets such as Bacalhau.

PRIO’s new role as majority operator at Peregrino marks a key moment in Brazil’s offshore evolution — local players taking lead in mature fields and driving value through efficiency and integration. For PRIO, the acquisition cements its position as Brazil’s leading independent upstream company, while Equinor repositions toward next-generation pre-salt and gas projects.

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