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Norwegian energy giant Equinor (NYSE:EQNR) has agreed to sell its 60% operated stake in Brazil’s Peregrino oil field to PRIO SA, Brazil’s largest independent oil and gas company, for $3.35 billion plus $150 million in interest. The deal marks a major strategic shift as Equinor refocuses its portfolio and unlocks value from long-held international assets.
Since taking over operations in 2009, Equinor has produced around 300 million barrels of oil from Peregrino. PRIO, which acquired a 40% stake in the field from Sinochem in 2023, will now fully control the asset. Despite the divestment, Brazil remains central to Equinor’s long-term strategy, with focus now turning to the Bacalhau field and the Raia gas project.
The transaction aligns with Equinor’s broader plan to streamline international operations and bolster liquidity amid falling oil prices, weakening global energy demand, and reduced investment in renewables, particularly in the U.S. The company is also managing financial fallout from President Donald Trump’s decision to halt construction of a major offshore wind project in New York, expected to cost billions in losses.
Nevertheless, Equinor posted better-than-expected first-quarter earnings earlier this week, supported by strong European natural gas prices. The sale to PRIO enhances Equinor’s financial flexibility as it navigates market uncertainty and shifts its focus toward high-value projects and emerging opportunities in the global energy transition.
This move reinforces PRIO’s growth in Brazil’s offshore oil sector while helping Equinor adjust its capital strategy amid volatile market dynamics. The deal is subject to customary regulatory approvals.
