By Brazil Stock Guide – PRIO S.A. (PRIO3) has completed the acquisition of a 40% operating stake in the Peregrino and Peregrino Phase II (Pitangola) fields from Equinor do Brasil, marking the first phase of a two-step deal that will eventually give PRIO an 80% interest. The transaction, valued at US$1.545 billion, includes price adjustments retroactive to January 2024 and interest, and positions PRIO as the new operator of one of Brazil’s most productive mature oil assets.
The company said the acquisition represents a key step in its long-term strategy to expand through the redevelopment of mature fields, leveraging its track record in cost efficiency and recovery factors. Equinor, previously the sole operator, will retain a 20% minority stake until the second phase of the transaction is finalized in mid-2026. Once the deal is complete, PRIO will fully consolidate Peregrino’s operations, capturing operational synergies and reducing the field’s lifting cost.
According to PRIO, production from the newly acquired stake will immediately be reflected in the company’s financial results and balance sheet. Peregrino, located in the Campos Basin, currently produces around 100,000 barrels per day; PRIO’s share is expected to add about 40,000 barrels per day, lifting its total output to over 150,000 barrels per day.
The company described the move as another milestone in its expansion roadmap following the successful integration of Frade, Wahoo and Albacora Leste. “By combining scale, operatorship, and low-cost expertise, PRIO continues to consolidate its position as Latin America’s largest independent offshore producer,” the company said.
PRIO was advised by Jefferies International Limited as financial advisor and by Tauil & Chequer Advogados, in association with Mayer Brown LLP, as legal counsel in Brazil, the United States, and the United Kingdom.
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