Equinor Completes $2.3 Billion Sale of Peregrino Field Stake to PRIO

Core Insights - Equinor has completed the sale of its 40% operated interest in the Peregrino oil field offshore Brazil to PRIO for a total of USD 2.33 billion, marking a strategic move to streamline its global upstream portfolio [1][2][3] Financial Details - Equinor received USD 1.55 billion at closing after accounting for earlier deposits and interim cash flows [2] - The total consideration for the sale was USD 2.33 billion, indicating a significant capital recycling effort from mature assets [1][3] Operational Impact - PRIO, now the full owner and operator of the Peregrino field, has taken over operational control, which is located in the Campos Basin east of Rio de Janeiro [2] - The Peregrino field has produced approximately 300 million barrels of oil since production began in 2011, highlighting its importance to Equinor's international growth [3] Strategic Direction - The sale is part of Equinor's strategy to "high-grade" its international portfolio, with proceeds intended for reinvestment into newer, more resilient assets [4] - Brazil remains a core area for Equinor, with ongoing projects such as the Bacalhau field and new exploration acreage in the Campos Basin [4][5] Future Transactions - A separate agreement is in place for Equinor's remaining 20% stake in Peregrino, pending regulatory and contractual approvals, allowing Equinor to retain a non-operated interest until the transaction closes [6]