PRIO Acquires Sinochem Petroleum

By Rafael Bortoloti

PRIO has announced the signing of a contract to acquire Sinochem Petroleum Netherlands which holds a 40% stake in the Peregrino and Pitangola fields, both located in the Campos Basin. The remainder is retained by Equinor.

The acquisition is valued at $1.915 billion, with $191.5 million paid upon contract signing and $1.7235 billion upon transaction completion, along with adjustments for working capital and standard price adjustments for this type of deal.

With this acquisition, PRIO’s production will increase by approximately 35,000 barrels per day. The Peregrino field, with recoverable reserves of 338 million barrels, is expected to yield 135 million barrels for PRIO. Equinor operates the field’s infrastructure using FPSOs and fixed platforms, currently producing about 88 kbbl/d.