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PRIO informs about the acquisition of 60% of the Peregrino Field in the Campos Basin
PRIO, Brazil’s largest independent oil and gas operator, announces the signing of contracts with Equinor Brasil Energia Ltda for the acquisition of a 60% equity interest and full operation of the Peregrino and Pitangola fields in the Campos Basin. The transaction adds 202 million barrels of reserves and 1P+1C resources to the company’s portfolio, as estimated in January 2024.
The agreement is structured in two stages: the initial purchase of a 40% equity interest, followed by the transfer of the operation, and then the acquisition of a further 20%. The total value of the transaction is US$ 3.35 billion.
The 40% operation will be completed for US$ 2.233 billion, plus an earn-out of US$ 166 million. The acquisition of the remaining 20% was valued at US$ 951 million. Payments will be made with available cash resources, operational revenue generation and a temporary increase in the leverage ratio to around 2.0x Net Debt/EBITDA, while remaining within conservative ranges.
The completion of operations is anticipated between the end of 2025 and mid-2026, subject to approvals from the National Agency for Petroleum, Natural Gas and Biofuels (ANP) and the Administrative Council for Economic Defense (CADE).