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PRIO takes over the Peregrino Field operation with the acquisition of an additional 40% of the assets
PRIO announces the completion of the acquisition of a 40% interest in the Peregrino and Pitangola fields in the Campos Basin, becoming the operator of the field and holding 80% of the assets. Equinor will retain the remaining 20% until the completion of the second phase of the transaction, expected in mid-2026.
This transaction will add around 40 thousand barrels a day to the company’s production, raising it to over 150,000 barrels daily. The payment related to this transaction was US$ 1,545 million, already considering the necessary price adjustments effective from January 01, 2024, and interest, but not including amounts related to any reimbursement concerning the shutdown of Peregrino, a matter that will be addressed over the coming months.
For Roberto Monteiro, CEO of PRIO, taking control of the field is essential for the company to effectively implement the cost reduction strategy and operational synergies that have transformed PRIO into a leader among independent companies in the sector. “We will continue with the strategy of maximizing our efficiency and profitability, focused on creating a completely integrated, secure, and efficient operation.”
This business model of PRIO has shown significant results. In the past ten years, the company has multiplied its production twenty-fold, reduced operating costs to world-class levels, and continues to build a legacy of innovation, efficiency, and social impact Furthermore, PRIO plays a relevant role in strengthening the national industry and in the country’s energy safety by extending the useful life of the oil fields it operates.
In the next eight months, PRIO is expected to exceed the mark of 200 thousand barrels per day with the first oil from the Wahoo field and with the remaining 20% of Peregrino, as already disclosed to the market.