Latest news with #PRIO
Yahoo
03-05-2025
- Business
- Yahoo
Equinor to sell 60% interest in Peregrino field to PRIO for $3.5bn
Equinor Brasil Energia, a subsidiary of Equinor, has signed agreements to sell its 60% interest in the Peregrino field in Brazil to PRIO Tigris, a subsidiary of PRIO, for $3.5bn (Nkr36.35bn). The deal is structured in two parts, with the first involving the acquisition of a 40% stake and operatorship, and the second involving the acquisition of the remaining 20%. The 40% stake includes a payment of $2.233bn, with an additional payment of $166m contingent upon the completion of the second part. The remaining 20% stake has a value of $951m. PRIO will pay Equinor a total consideration of up to $3.5bn, including a maximum interest payment of $150m. The final cash payment will account for adjustments based on the asset's performance since 1 January 2024. Equinor will continue to manage the Peregrino field until the transaction is finalised, after which PRIO will assume control. Equinor executive vice-president for exploration and production international Philippe Mathieu said: 'With this transaction we realise value from a long-standing asset in our Brazil portfolio. Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 barrels per day [bpd] by 2030. 'This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil.' Since commencing operations in 2009, the Peregrino field has produced approximately 300 million barrels of oil. Situated in the Campos Basin, Peregrino is a heavy oil field that includes a floating production storage and offloading (FPSO) unit and three fixed platforms. Equinor's share of production from Peregrino was around 55,000bpd in the first quarter of 2025. The acquisition follows PRIO's previous purchase of Sinochem's 40% interest in the Peregrino field last year. The completion of this transaction is contingent upon regulatory and legal approvals, with the payment to be made in two instalments. Equinor Brazil senior vice-president and country manager Veronica Coelho said: 'PRIO has been a valued partner since joining the Peregrino licence last year, and we look forward to a smooth hand-over with them. 'We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor's history in Brazil. Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the start-up of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project.' "Equinor to sell 60% interest in Peregrino field to PRIO for $3.5bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
02-05-2025
- Business
- Yahoo
Equinor Offloads Major Stake in Brazilian Oil Field In $3.35 Billion Exit
Equinor ASA (NYSE:EQNR) subsidiary, Equinor Brasil Energia, on Thursday, planned to sell its 60% operated interest in the Peregrino field in Brazil to Prio Tigris for $3.35 billion. The payment will be made in two tranches: $2.23 billion (plus a contingent of $166 million upon completion of the second part) for 40% and operatorship, and $951 million for the remaining 20% plus up to $150 million in interest could be added. The deal's effective date is January 1, 2024, with the final cash payment adjusted accordingly. Equinor will continue to operate the Peregrino field until the transaction Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil, is finalized, at which point PRIO will assume operatorship. Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor, said, 'Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 barrels per day by 2030,' 'This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil,' Notably, Equinor has operated the Peregrino heavy oil field since 2009, with approximately 300 million barrels produced to date. The field, located in the Campos Basin east of Rio de Janeiro, consists of an FPSO and three fixed platforms. In the first quarter of 2025, Equinor's share of production was about 55,000 barrels per day. Last year, PRIO acquired Sinochem's 40% stake in Peregrino. Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil added, 'We are preparing for operations on Bacalhau, as well as the startup of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project.' In April, the company reported first-quarter FY25 revenue and other income rose 19% year-over-year (Y/Y) to $29.92 billion, and adjusted revenue upped 19% Y/Y to $29.60 billion vs. consensus estimate of $25.92 billion. Equinor expects organic capital distributions of around $13 billion in 2025, including $9 billion in cash return (buybacks/dividends). The company projects oil and gas production growth of about 4% in 2025, while scheduled maintenance activity is estimated to decrease equity production by around 30 mboe per day. Investors can gain exposure to the stock via Keating Active ETF (NASDAQ:KEAT) and The 2023 ETF Series Trust II GMO International Value ETF (NYSE:GMOI). Price Action: EQNR shares are up 3.58% at $23.12 at the last check Friday. Read Next:Photo by Andreas Vogel via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Equinor Offloads Major Stake in Brazilian Oil Field In $3.35 Billion Exit originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
02-05-2025
- Business
- Yahoo
Equinor sells the Peregrino field for USD 3.5 billion
Equinor Brasil Energia Ltda., a subsidiary of Equinor (OSE: EQNR, NYSE: EQNR), has entered into agreements(1) with Brazilian company Prio Tigris Ltda., a subsidiary of PRIO SA ( for a sale of its 60% operated interest in the Peregrino field in Brazil. PRIO, Brazil's largest independent oil and gas company, will pay a consideration of USD 3.35 billion and a maximum of USD 150 million in interest to Equinor for the transaction. The final cash payment will reflect the closing date and any deductions generated by the asset since the effective date, which is 1 January 2024. Equinor will be responsible for operations of the field until closing of the transaction, after which PRIO will take over operatorship. 'With this transaction we realise value from a long-standing asset in our Brazil portfolio. Brazil will continue to be a core country for Equinor, as we focus on starting up the Bacalhau field and continue progressing the Raia gas project. With these two operated projects and our partnership in Roncador our equity production in Brazil will be close to 200,000 barrels per day by 2030,' says Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor. 'This deal is part of Equinor's ongoing effort to high-grade its international portfolio through asset divestments and acquisitions. We continue to see growth potential and opportunities to extend the longevity of our international oil and gas portfolio, also in Brazil,' says Philippe Mathieu. Equinor has been operating the Peregrino field since 2009 and around 300 million barrels of oil have been produced by the asset since. Peregrino is a heavy oil field and consists of a floating production storage and offloading (FPSO) platform, supported by three fixed platforms. The field is in the Campos Basin, east of Rio de Janeiro. In Q1 2025, Equinor´s share of production from Peregrino was around 55,000 barrels per day. Last year, PRIO acquired Sinochem's 40% interest in the Peregrino field. 'PRIO has been a valued partner since joining the Peregrino license last year and we look forward to a smooth hand-over with them,' says Veronica Coelho, Senior Vice President and Country Manager for Equinor Brazil. 'We are very proud of the work that has been done by our team over the past 20 years on the Peregrino field. This asset has been the cornerstone of Equinor's history in Brazil. Our journey in Brazil continues with full momentum, building on the legacy of those that have worked on Peregrino. We are preparing for operations on Bacalhau, as well as the startup of the Serra da Babilonia renewable hybrid project by our subsidiary Rio Energy and we are progressing the Raia gas project' says Veronica Coelho. The transaction is subject to regulatory and legal approvals. The payment will occur in two tranches, one at signing and a further one closer to closing. The payment will be subject to customary adjustments. --- 1: The deal is divided in two parts, one for the acquisition of 40% and operatorship of Peregrino, the second for the acquisition of the remaining 20%. The 40% operation will receive a payment of USD 2,233 million, with an additional payment of USD 166 million which is contingent on the completion of the second part of 20%. The 20% operation will have a value of USD 951 million. The final component is USD 150 million of maximum interest, reaching the total of USD 3.5 billion. --- Contact details: Investor relationsBård Glad Pedersen, Senior Vice President Investor Relations+47 918 01 791 MediaOla Morten Aanestad, Media Relations+47 480 80 212 This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading ActSign in to access your portfolio
Al Taghyeer
05-02-2025
- Politics
- Al Taghyeer
Sudan's Emergency Response Rooms tops list of 2025 Nobel Peace Prize
The Director of Peace Research Institute Oslo (PRIO), Henrik Urdal, announced his list for the 2025 Nobel Peace Prize, with Sudan's Emergency Response Rooms topping the list. Khartoum: Altaghyeer The Director of Peace Research Institute Oslo (PRIO), Henrik Urdal, announced his list for the 2025 Nobel Peace Prize, with Sudan's Emergency Response Rooms topping the list. The 2025 list comprises of Sudan's Emergency Response Rooms, Sheikh Mohammed, Prime Minister and Minister of Foreign Affairs of Qatar, the OSCE's Office for Democratic Institutions and Human Rights & The Carter Centre, the Women's International League for Peace and Freedom, and the International Court of Justice and the International Criminal Court. 'Sudan's Emergency Response Rooms stand as a powerful testament to the strength of local resilience and collective action in the face of brutal war,' said Henrik Urdal. 'Their work, alongside the contributions of institutions, diplomats and long-standing peace advocates on this year's list, highlight the interconnected efforts required to advance justice and peace', he said. Each year, PRIO's Director presents his own list for the Nobel Peace Prize. He offers his opinion on the most worthy potential laureates, based on his independent assessment. PRIO explained why the Sudan's Emergency Response Rooms have been nominated for the Nobel Peace Prize: The armed conflict that erupted in Sudan in April 2023 has plunged the country into one of the world's most severe humanitarian crises. Over 11 million people have been forcibly displaced since the start of the conflict and nearly half the Sudanese population are in need of aid. The international system has struggled to meet overwhelming humanitarian needs, prompting community-led, volunteer aid networks in Sudan to step in and provide lifesaving services to millions of women, men and children. One notable initiative is the Emergency Response Rooms, which offer medical care and other services to people affected by the conflict. Operating in a decentralized structure, these groups deliver essential humanitarian assistance to communities in a highly complex conflict environment, with limited access to external resources and logistics. Volunteers often operate in insecure areas, facing threats of harassment and violence. Awarding this year's Peace Prize to a deserving humanitarian initiative such as the Emergency Response Rooms would highlight the critical importance of access to lifesaving aid in times of conflict.
