Norway’s Equinor Offloads Stake in Brazilian Oil Field for $3.5 Billion
(Bloomberg) -- Norwegian energy explorer Equinor ASA has agreed to sell its 60% stake in the Peregrino oil and gas project off the Brazilian coast for $3.5 billion, it said in a statement.
Brazilian firm Prio Tigris Ltda, a subsidiary of PRIO SA that bought Sinochem Group Co.’s 40% stake in the development last year — will take over operations at the close of the transaction, Equinor said in the statement.
The deal comes after the Norwegian firm made an unsuccessful attempt to sell part of its holding in March, when PRIO, its minority partner in the field, took action to exercise its preferential rights.
The 110,000 barrel-per-day field east of Rio de Janeiro is Equinor’s largest project outside Norway, and consists of a floating production storage and offloading platform, according to its website.
“This deal is part of Equinor’s ongoing effort to high-grade its international portfolio through asset divestments and acquisitions,” Philippe Mathieu, the company’s executive vice president for international exploration and production, said in the statement.
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